Superannuation and retirement incomes have been revealed as sitting front and centre of AMP Limited’s strategy, following its announcement today of a much-improved full-year profit of $848 million.
Outlining its strategy and prospects, the big financial group said a key priority would be growing in the $3.3 trillion Australian wealth management market, where AMP holds the number one market share position in superannuation, advice and self-managed superannuation funds (SMSF) and the number two position with respect to retirement incomes.
The company said it was targeting additional revenue equivalent to two per cent of assets under management (AUM) fees from its advice and SMSF businesses.
The company said it was also looking to expand internationally, primarily through AMP Capital in high growth regions where its expertise and capabilities are in demand.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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