Business News

AMP SMSF to continue on growth path

AMP SMSF Solutions would remain focused on its strategy of organic and acquisitive growth for the remainder of the year, following a recent business purchase and an addition to its SMSF product suite.

“We’re always on the lookout for growth – both organic and through acquisition,” AMP SMSF managing director Natasha Fenech told selfmanagedsuper.

“Provided it’s aligned to our overall strategic direction, we’re open to having those conversations.”

Commenting on AMP SMSF’s plans for the rest of 2015, Fenech said the business’s future focus was consistent with its strategic direction.

“We’ve got a number of planks to our strategy and one of the core planks is our go-to-market proposition and trying to simplify those propositions for our clients,” she said.

“We recently launched a new product called SMSF Saver, at the start of July, which targets new trustees and setting up an SMSF for the first time.”

The new product was an online, economical product that fitted within the current suite of offers, she said.

“As a trustee evolves with their experience and the structure of their assets evolve, we can evolve with them too through our different offers and we felt that we didn’t have that initial entry-point offer, which is why we created it,” she said.

In addition, the business was working on improving its processes and operations from a back-office perspective to enhance services so they were ready to be used by its trustee, adviser and accountant clients, she said.

“We’re doing a lot of investment with people as well in terms of training and capabilities,” she added.

Last week, AMP SMSF announced it had wholly acquired SMSF administration business Justsuper, which would continue to operate under its own brand name with its existing team of employees, with no disruptions to clients.

It has more than 1000 SMSFs under administration.

Fenech revealed AMP SMSF remained on the lookout for businesses for sale.

“[We look at] opportunities as they arise – we consider all the opportunities that come to us or like any other organisation we also scan the market, so it’s a little bit of both,” she said, adding it was not limiting itself to the administration end of the SMSF chain.

“We look at opportunities as they present themselves, so as long as they align with our strategy, we will consider them.

“The Justsuper acquisition has some really nice synergies with our existing businesses in the sense that it’s a very strong brand in the market, a very strong focus on client delivery and client proposition, and that’s really what the [AMP SMSF] business is all about.

“A transaction like this takes time and we had discussions over the course of the last few months.”

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