AMP chief executive Craig Meller says while the acquisition of an SMSF administration business boosted customer accounts under administration, organic growth for the SMSF division was flat in the first half of the year.
In its results announcement for the first half of 2015, AMP reported an increase in assets under administration from $18.5 billion at the end of the first quarter to $19 billion at the end of the June quarter.
Mr Meller said AMP SMSF is now administering over 16,000 SMSFs, an increase from 15,181 customer accounts at the end of the March quarter – “that’s around a four per cent market share”, he said.
“The organic growth of the business has been pretty flat over the first six months of the year although we’re expecting that to accelerate over the second half of the year,” he added.
“We see the longer term opportunity firstly in the administration area of SMSFs to be very significant over the medium to long term but also within AMP Capital they’re developing some success at providing targeted investment solutions into the SMSF world.”
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