AMP Limited
(ASX:AMP) has outlined plans to increase its footprint in the self-managed superannuation funds (SMSF) market.
The fund manager says it will create a business named AMP SMSF next month after it acquires private self-managed super administrator, Cavendish Group, for an undisclosed price.
AMP SMSF will be headed by Paul Sainsbury who will report to AMP’s CEO Craig Dunn.
Mr Dunn says being a leader in the SMSF market is a key strategic priority for AMP and will position it well for future growth.
In the 2011 financial year AMP reported a net profit of $676 million.
