Business News

AMP committed to multi-brand strategy

AMP has reconfirmed its commitment to deliver a multi-brand strategy to its SMSF administration services, including the running of the Cavendish Superannuation, Multiport and Super IQ businesses under the institutional bank’s umbrella.

The company verified its position in light of numerous business consolidations occurring in the market in recent years, in addition to speculation around AMP’s intention to rebrand certain business arms that would essentially see Multiport streamlined under the Cavendish brand, which was acquired in mid-2012.

“AMP SMSF is committed to a multi-brand strategy and Multiport is an important brand within our suite of options,” an AMP spokesperson told selfmanagedsuper.

The group announced its multi-brand strategy in June last year and outlined a three-pronged approach in order to achieve greater market appeal.

At the time, AMP SMSF director Paul Sainsbury said that having multiple brands in administration with different services would enable the group to appeal to more SMSF investors.

In addition, Sainsbury said he believed there were plenty of opportunities for multiple brands to be successful in the market.

He also said AMP would be conducting an extensive review of its SMSF administration arms’ operations to determine whether any processes could
be streamlined.

The group is yet to make any announcements regarding the outcomes of the review.

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