28 Jun 2012

AMP seeks bigger stake in self-managed super fund sector

8:33 am on 28 June 2012

Australian insurer and funds management firm AMP says it wants to increase its presence in the fast-growing self managed superannuation funds market.

The sector has assets of about $A430 billion and is projected to grow to more than $2.2 trillion by 2030.

The company will set up a new unit that reports directly to chief executive Craig Dunn and includes Multiport and Ascend, and AMP says it'll work closely with SuperIQ in which it has a 49% stake.

It also plans to buy the largest self-managed superannuation funds administrator, Cavandish.

The unit will provide services to individuals, accountants, stockbrokers and external financial advisers, and advice and products for AMP's distributors.