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Super implications from AMP/AXA merger
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| Craig Dunn
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The make-up of the retail and corporate segments of the Australian superannuation industry is expected to be substantially altered by AMP Limited’s impending merger with AXA Asia Pacific.
While much of the focus around the merger has been on financial planning, the transaction also has serious implications for the superannuation sector, particularly the corporate segment in which AMP has been a traditional major player.
The way has been substantially cleared for AMP to complete its acquisition of AXA Asia Pacific, with all of AXA AP’s independent directors now having supported the merger proposal filed earlier this week.
The unanimous decision by the AXA independent directors was confirmed to the Australian Securities Exchange (ASX) this morning and welcomed by AMP Limited, with chairman Peter Mason issuing a statement saying the merged businesses would represent a new force in financial services.
“The merged businesses will have a significant share in one of the world’s fastest-growing and most successful wealth management markets,” he said.
AMP chief executive Craig Dunn said the merged company would have the scale and expertise to provide Australia and New Zealand consumers with an improved range of low cost, simple options and would adopt a multi-brand planner strategy.
“One of the attractions of this merger is the diversity of financial planner models that AXA AP brings to the table,” he said. “The combined company will have around 2,900 financial planners who will provide Australians and New Zealanders with a whole range of different financial planning services.”
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