POWERED BY MOMENTUM MEDIA
AMP explains changes to super structure
AMP Limited has revealed the degree to which has changed its superannuation business structures to accommodate the changes demanded by the findings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The company has revealed to the House of Representatives Standing Committee on Economics will be simplifying its superannuation business by moving to one superannuation trustee and two funds.
As well, it has signalled key changes to its investment arrangements with respect to superannuation.
Replying to a question no notice from the House of Representatives Standing Committee on Economics, AMP said that the simplification process was anticipated to be in place by the end of the second quarter of this year and would involve AMP moving to one superannuation Trustee and two funds.
Replying to a question from Victorian Labor parliamentarian, Dr Daniel Mulino, the formal AMP answer said: “This will involve AMP simplifying by moving to one superannuation Trustee (NM Super), and two funds (one master trust - Super Directions Fund, or SDF - and the Wealth Fund, or Wealth)”.
“NM Super will play a more active role under this operating model, investing directly in superannuation assets (instead of via life-backed investment policies issued by AMP Life), directly engaging its investment manager and custodian and will engage a new related party service provider, AWM Services, to provide it with administration, product development and product development services,” the answer said.
AMP also provided a flow chart of how the new structure would operate.
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment