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.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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