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Member growth drives AMP SMSF assets

AMP SMSF’s assets under administration rose to $18.5 billion in the September quarter, reflecting an increase in the number of customers using the company’s services.

The company reported an increase of $572 million in SMSF assets under administration in the third quarter.

“Our growth in AMP SMSF assets under administration is largely attributed to an organic increase in new AMP SMSF customers over the past quarter,” an AMP spokesperson told selfmanagedsuper.

“We’ve also seen an increase in the amount of assets held by our existing SMSF trustees.”

The company reported 15,491 member accounts under administration for the third quarter up from 15,173 the previous quarter. This figure included Super IQ clients.

“Predominantly, our new customers are existing SMSF trustees who have joined from other providers or through their accountant,” the spokesperson said.

“However, we are also seeing positive organic growth with an increase of first-time SMSF customers over the past quarter.”

This growth can also be attributed to AMP’s gains in the SMSF administration space, in which AMP-owned Cavendish Superannuation won an award in the SMSF adviser category at the recently held 2014  selfmanagedsuper CoreData SMSF awards.

“Growth in AMP SMSF assets under administration is directly related to our SMSF administration business,” the spokesperson said, adding “AMP SMSF is the largest provider in the SMSF administration market”.

Growth is expected to continue over the next 12 months in line with market expansion.

“AMP SMSF is well-positioned to service the growing market and expand the business,” the spokesperson said.

Speaking on the company’s overall third quarter results last week, AMP chief executive Craig Meller said: “This continues our solid momentum across the business.

“Our current range of products are performing well, the focus on Asia continues to deliver results and the performance of our insurance business is in line with guidance.”

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