POWERED BY MOMENTUM MEDIA
AMP announces super fee reductions
AMP has announced investment fee reductions on its superannuation products.
The company’s managing director, superannuation, retirement and platforms, Lara Bourguignon said the reductions formed part of AMP’s program to simplify its superannuation and wrap platform businesses which would see a significant reduction of super products and enable the company to provide more benefits to clients.
She said the fee reductions included:
- Reducing the investment fee on AMP’s generic MySuper lifecycle options from 0.32% to 0.30% on a range of products, effective 31 January;
- Removing investment fees on cash options for AMP’s SignatureSuper, SignatureSuper Select, SignatureSuper Allocated Pension and all term deposits, entered into after 31 January 2020. The changes will be effective 1 February; and
- Removing the Stronger Super Fee effective 28 February, which will see a reduction of 0.13% on the administration fee for AMP choice investment options on a range of products.
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
