Business News

AMP confirms Abley’s role

AMP has confirmed Stuart Abley will continue to head its SMSF Advice operation.

The announcement comes in the wake of the financial services company’s appointment last week of Tim Mitchell-Adams as managing director of all of its advisory businesses, including SMSF Advice, Charter Financial Planning, ipac and Jigsaw Support Services.

Abley will now report directly to Mitchell-Adams under the new structure.

Mitchell-Adams steps into his new role having previously been head of AMP’s national sales team servicing the organisation’s licensee operations, covering areas such as SMSFs, platforms, insurance, investments and AMP Bank.

The news comes shortly after the presentation of AMP’s 2015 half-year results where chief executive Craig Meller revealed the current extent of the organisation’s market share in the SMSF administration space.

“During the first half of the year we made a small acquisition of an SMSF administration business which means we’re now administering over 16,000 SMSF funds – that’s about a 4 per cent market share,” Meller said.

“The organic growth of the business has been pretty flat over the first six months of the year although we’re expecting that to accelerate in the second half of the year.”

He said AMP recognised the opportunities in the SMSF administration space in the medium to long term to be very significant and was also optimistic about AMP Capital’s ability to provide targeted investment solutions for the SMSF market.

Overall, AMP reported a net profit of $507 million for the 2015 half year, representing a 33 per cent increase from the net profit figure of $382 million for the same period last year.

An underlying profit of $570 million was also declared for the six months ending 30 June 2015, which was a 12 per cent increase on the 2014 result.

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