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SuperConcepts sees uptick in funds over third quarter
AMP’s SMSF business SuperConcepts added over a thousand funds during the third quarter and is on track to meet its 10 per cent growth target, according to the latest AMP results.
Over the three months to 30 September, SuperConcepts added 1,475 funds across administration and software services during the third quarter of 2017.
At 30 September, it supported a total of 57,779 funds. This is an increase of around 2,869 SMSFs from the end of the third quarter last year.
SuperConcepts saw a slight increase in assets under administration over the 12 months, with the total value of assets under administration rising from $22.2 billion at 30 September last year up to $22.47 billion at the end of September this year.
The total assets under administration did see a slight drop from the second quarter, however, falling from $22.56 billion down to $22.47 billion.
AMP said the ‘other revenue’ category of its wealth management business which includes SMSFs is “on target to deliver 10 per cent growth from advice and SMSF in the 2017 financial year".
AMP chief executive Craig Meller said cash flows for the wealth management business “reflect the high level of discretionary super contributions brought forward in the second quarter of 2017, ahead of 1 July 2017 changes to non-concessional caps”.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
I am not sure why AMP would want to get into the SMSF accounting business. SELF MANAGED is a clue to mindset of trustees, with the major not wanting anything to do with institutions.
AMP/SuperConcepts is in decline, progressing down the same path as other institutions that tried to industrialise this sector.
I was a Perpetual at the time of the $16m SmartSuper debacle. The only thing that has changed is the magnitude of the loss.0- A 5% increase in funds over the year is in line with market growth. Why does AMP not disclose the numbers of funds they administer? They have in previous reports.
Is something amiss? The decline in FUA of $98m in a growth quarter is confounding. Does this point to a continuing decline in the number of funds under professional administration.0- Only good news is ever reported. Nothing negative so you may be correct. Closure of Victorian operations plus an ill fated joint venture with Indian offshore will be damaging to service delivery & reputation.0
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