AMP wealth management grows AUMBY DARREN SNYDER | THURSDAY, 7 MAY 2015 12:50PMAMP reported an increase in its wealth management business for the first quarter of 2015, seeing assets under management up 6% to $116.1 billion. Related News |
Editor's Choice
ASIC sues First Guardian-linked auditors
ASIC has commenced proceedings against Auditeo Australia and two auditors for their involvement in the First Guardian Master Fund failure.
Acclime acquires Melbourne's Polar 993
Acclime, a provider of corporate, governance, advisory and fund services across Asia Pacific and global markets, has signed an agreement to acquire the independent trustee and fund administration business from Melbourne.
Platforms are not solution providers: AZ NGA
AZ NGA group chief executive Paul Barrett warned platforms should stay in their lane rather than overstep to improve financial adviser productivity, reiterating that it is the advice business' responsibility to do so.
Nesta pulls $247m mandate from Northern Trust over climate stance
UK research and innovation foundation Nesta Trust has transferred £120 million ($247m) of assets from Northern Trust Asset Management to Amundi after the US manager withdrew from major global climate initiatives, highlighting the growing commercial consequences of fund managers stepping back from climate ...
Videos
Brought to you by ![]()
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Hugh Killen
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
For Hugh Killen, several life lessons came from spending time on pastoral properties stretching across northern New South Wales and South-West Queensland.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
The AMP push into the SMSF sector has been an interesting case study. AMP has tried to win over trustees of SMSFs who historically shun advice from large financial institutions.
Over the past 3 years AMP and its part owned business SuperIQ have made some bullish statements about their position in the SMSF market. Generally the claim is to have between 80,000 to 100,000 SMSF accounts within 5 to 10 years.
AMP has spent heavily on investing in or acquiring established SMSF administration businesses (SuperIQ - $30M; Cavendish $20M; Super Concepts/Tranzact/SmartSuper/Y... In addition AMP inherited Multiport from the AXA acquisition.
Over the past 3 years AMP has expended much time, effort and money in technology and positioning the AMP SMSF brand.
It would appear that the step into the SMSF space has been an expensive mistake. The AMP SMSF business model is not profitable (AMP results FY14) and AMP is now losing clients.
It may be time to make some tough decisions at AMP headquarters.