Game changer in six months: AMP SMSFsBY LAURA MILLAN | THURSDAY, 21 FEB 2013 12:40PMAMP Group's self-managed super fund business is now managing more than 9,100 SMSF accounts, more than treble the number it managed in the first half of last year. |
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According to the latest ATO statistics, there were 496,028 SMSFs at end the end of December 2012, being established at over 2,000 a month. So call it 500,000 now.
I make 9,100/500,000 less than 2%, so let's not get too excited. SMSF administration is still predominantly a 'cottage industry' of thousands of accountants.
Over the past year AMP Super has announced previously the acquisitions of
Cavendish (5000 funds)
Smart Super (1000 funds)
Multiport (2500)
That leaves SuperIQ & Ascend with 600 funds
And as there are approximately 496,000 SMSFs at Dec12 (as per the ATO statisitical report) the 9100 funds represents less than 2% of the wholesector (not 7% as claimed above).
Regarding whether it is 2% or 7% doesn't matter. 9,100 funds is a hell of a lot!
Good luck getting a return on that investment