AMP reports growth for SMSF arm
Following a year that saw new acquisitions, a rebrand and a restructure, AMP’s SMSF arm has reported further growth for 2014-15.
AMP reported the number of funds under administration for its SMSF business, now SuperConcepts, increased by 668 in 2014-15 to 16,130, with assets under administration up 5.3 per cent in 2014-15 to $18.8 billion.
There was a slight decline in assets under management between the third and fourth quarters of 2014-15, which chief executive of SuperConcepts Natasha Fenech puts down to broader sharemarket falls.
Ms Fenech, who joined the business in November 2013, said she’s confident the business unit is poised for further growth.
“We’re really happy with the results, we had some good growth over the course of the year. We had some organic growth, we had some acquistional growth,” she said.
“We’ve obviously also moved into the technology sector as well with the acquisition of SuperCorp and now having superMate as part of the suite in that respect. The other positive thing is we’ve seen an uplift in the asset base which is part of the growth coming to fruition.”