Paul Sainsbury

AMP SMSF has acquired the SMSF administration business of Queensland-based administration and superannuation software developer, Supercorp Pty Ltd, effective immediately.

AMP SMSF will wholly acquire Supercorp’s daily and annual administration business under the YourSMSF brand, which has 1,200 accounts, and take a 19.4 per cent stake in Supercorp’s software solution Supermate.

AMP SMSF Managing Director Paul Sainsbury said the acquisition reflected AMP SMSF’s focus on growth and the customer experience.

“Building scale and efficiency in our SMSF administration systems and processes is a priority for us as it will mean a better overall experience for our customers.

“SMSFs are the fastest growing superannuation segment and the addition of a further 1,200 accounts through our acquisition of YourSMSF positions us well for further growth and cements our leading position in the SMSF administration market.

“Technology is a key enabler in this market so we are also pleased to be investing in Supercorp’s software solution, Supermate, and we look forward to working closely with them on future technology developments,” Mr Sainsbury said.

Kurt Groeneveld, the founder and CEO of Supercorp said: “AMP has quickly established itself as a leader in the self-managed superannuation industry and through its different SMSF businesses has had the opportunity to use a number of major SMSF administration technology options.  We are therefore delighted that they have chosen to become a significant shareholder in Supercorp’s Supermate technology.”

AMP is in the process of contacting Supercorp’s YourSMSF customers about the acquisition and both AMP and Supercorp are working on bringing the respective SMSF administration operations together with a focus on ensuring customers are not disrupted by the change.

AMP’s Multiport SMSF administration business has been a long term client of Supercorp’s technology solutions and uses the Supermate software as part of its administration platform.

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Mr Burgess, currently National Technical Director for the Self Managed Superannuation Fund Professionals’ Association of Australia (SPAA), will report to AMP SMSF Director, Business Operations Craig Jameson.
 
Mr Burgess will be responsible for interpreting SMSF legislation to inform the development of SMSF advice strategies and technical support materials for AMP’s aligned planner network.  He will also lead AMP’s SMSF policy development and represent AMP in SMSF industry groups.
 
AMP SMSF Managing Director Paul Sainsbury said AMP’s goal is to be the leading experts in SMSF and the high calibre of staff AMP SMSF has attracted will be fundamental in achieving this.
 
“I am delighted to have Peter on board.  He has a strong reputation in the industry and among trustees as an authority in SMSF policy and technical support.
 
“We’re looking forward to Peter helping us build our SMSF advice policy and technical capabilities and supporting our aligned planners to provide SMSF advice,” Mr Sainsbury said.
 
Mr Burgess has been Technical Director of SPAA for five years and is also a former SPAA Board Director.
 
He currently sits on a number of Australian Tax Office SMSF regulatory and technical working groups and sub-groups.  He has also published a number of articles and accredited training material on the subject of SMSFs and is an adjunct lecturer with the University of Adelaide.
 
Prior to his role at SPAA, Peter was General Manager, Superannuation Services at advisory firm Kingston Capital Limited and Head of Technical Superannuation Services at Australian Executor Trustees (formerly TOWER Trust Limited).
 
Peter has an MBA from Adelaide University, a degree in economics and post graduate qualifications in superannuation management and finance.

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Ms Clarke joins the newly formed business unit from AMP Capital where she was Head of Marketing. 

Ms Clarke’s appointment completes the AMP SMSF leadership team which also includes Andrew Hamilton as Director, SMSF Administration and Craig Jameson as Director, SMSF Business Operations, all reporting to Paul Sainsbury.  Also joining the team is SuperIQ Chief Financial Officer Peter Lalor. 

Ms Clarke will be accountable for managing the portfolio of SMSF administration brands, their value propositions and channel strategies. 

Ms Clarke’s SMSF Solutions team will work with AMP Financial Services and AMP Capital to design and deliver products that meet the needs of SMSF investors. 

AMP SMSF Managing Director Paul Sainsbury said Ms Clarke’s expertise in leading successful multi-disciplined marketing strategies and superannuation product development will be a driving force for AMP SMSF. 

“We’re pleased Samantha is joining our team.  She brings significant expertise and passion to the business and I’m looking forward to working with Samantha and the rest of the AMP SMSF team to develop solutions that are attractive to customers, financial planners, accountants and other SMSF advisers,” Mr Sainsbury said. 

Ms Clarke’s appointment follows the 27 June launch of AMP SMSF – a new business unit established by AMP to expand its presence in the fast growing SMSF market.  

Prior to joining AMP in early 2011, Samantha was Head of Marketing, Macquarie Adviser Services for Macquarie Bank.  She was also Head of Marketing and Products at Rothschild Asset Management and held senior marketing, communications and product roles at MLC.

AMP SMSF comprises AMP’s existing SMSF administration businesses, Multiport and Ascend, and The Cavendish Group, acquired by AMP in July 2012.  It also works closely with SuperIQ which is 49 per cent owned by AMP.

2 August 2012 

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Mr Jameson will be accountable for setting up AMP SMSF’s business operations, including creating and implementing its business architecture and overall strategy. 

AMP SMSF Managing Director Paul Sainsbury said Mr Jameson’s SMSF expertise and reputation is an important addition to the newly formed AMP business. 

“We are excited that Craig has joined our team – he has successfully led the second largest professional administrator in the market for a number of years and he brings to AMP a deep understanding of, and passion for, the SMSF market.  I look forward to working with Craig and the rest of the AMP SMSF team to create a new force in the SMSF market,” Mr Sainsbury said. 

Mr Jameson’s appointment follows the 27 June launch of a new AMP business unit focused solely on the SMSF market – AMP SMSF.  He joins SPAA Chairman and former Cavendish Managing Director, Andrew Hamilton, on the AMP SMSF senior management team, reporting to Paul Sainsbury.  

Mr Jameson said he was pleased to join a business with a clear and compelling strategy for the SMSF market.  

“This is an exciting and attractive sector and it makes sense for AMP to look for growth opportunities in this market.  AMP SMSF offers customers a choice in terms of administration providers, and in conjunction with the broader AMP Group, will develop customer and adviser-friendly SMSF offers, to drive SMSF take-up,” Mr Jameson said. 

Prior to joining Super Concepts in early 2009, Mr Jameson was ING Australia’s Head of Strategy and Transformation, Customer Solutions. 

Mr Jameson has also held roles as ING Australia’s Head of Customer Service for employer superannuation, Belle Property Chief Operating Officer, and a number of roles at Tower Australia, including Head of Operations. 

AMP SMSF was established as a new business unit by AMP to expand its presence in the fast growing self-managed superannuation funds market.

It comprises AMP’s existing SMSF administration businesses, Multiport and Ascend, and will work closely with SuperIQ which is 49 per cent owned by AMP.

AMP also has an agreement to acquire The Cavendish Group with completion expected early July subject to a number of conditions.

 4 July 2012

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The new business unit, AMP SMSF, will be led by Paul Sainsbury who will report directly to AMP CEO Craig Dunn.  Mr Sainsbury will take up the role of Director AMP SMSF on 2 July 2012 and this will be in addition to his role as Director Integration.

“Paul has led the development of our SMSF strategy for the AMP Group while successfully managing our integration program.  We believe this work, his passion for the SMSF market, coupled with his experience across the businesses product, operational and advice areas, makes him the ideal person to turn our strategic ambition into a high-performing business,” AMP CEO Craig Dunn said.

AMP SMSF will initially focus on building scale to efficiently deliver SMSF administration services to individuals, accountants, stockbrokers and external financial advisers, and developing SMSF advice and packaged solutions for AMP’s aligned distribution channels.

The SMSF sector is the largest and fastest growing superannuation sector in Australia.  Its current assets of approximately $430 billion are projected to grow to more than $2.2 trillion by 2030.

Mr Dunn said being a leader in the SMSF market was a key strategic priority for the company and would position it well for future growth.

“This is about creating a new way of doing business.  We have established a new business unit with the remit to quickly take a leadership position in the highly fragmented SMSF market.

“We will develop customer-friendly and good value SMSF offers, leverage our existing distribution channels through our aligned adviser networks and also increasingly through accountants, stockbrokers, external financial advisers and customers direct as we increase our scale in this sector,” Mr Dunn said.

AMP SMSF will work with AMP Financial Services and AMP Capital to integrate and execute the company’s SMSF strategy.

AMP SMSF will comprise AMP’s existing SMSF administration businesses, being Multiport and Ascend and will work closely with SuperIQ which is 49 per cent owned by AMP.  AMP also has an agreement to acquire The Cavendish Group with completion expected early July subject to a number of conditions.

Adelaide-based The Cavendish Group (Cavendish) is a privately owned company consisting of three operating entities – SMSF Administration, Investment Portfolio Administration, and Actuarial Services.

AMP plans to acquire two of these entities – its SMSF Administration and its Investment Portfolio Administration operations.  Cavendish’s Actuarial Services business is not a part of this acquisition.  The acquisition price is not material and will be funded from existing AMP resources.

Cavendish is the largest SMSF administrator in Australia with more than 5,000 funds and 110 employees.

Its joint Managing Director Andrew Hamilton will be AMP SMSF’s Administration Director reporting to Mr Sainsbury with responsibility for the Multiport and Cavendish businesses.  Mr Hamilton is also Chairman of SMSF Professionals’ Association of Australia Limited (SPAA).

Cavendish’s other joint Managing Director Andrew Row will consult to AMP SMSF in addition to managing the Cavendish Actuarial Services business.

AMP SMSF Director Paul Sainsbury said AMP’s SMSF assets together with Cavendish will create a new force in the SMSF market.

“The acquisition of Cavendish, combined with the client base of our existing SMSF businesses, Multiport, Ascend and AMP’s investment in SuperIQ, will make us the most significant player in the SMSF professional administration market.

“It also puts us in a strong position to take advantage of the increasing move by SMSFs to seek advice from financial planners.  While only 14 per cent of existing SMSFs use a financial adviser, 42 per cent of SMSFs are being established by financial advisers for their clients,” Mr Sainsbury said.

AMP SMSF will focus on the following areas:

1. AMP’s SMSF administration and platform offerings which will be available through Multiport, Cavendish and SuperIQ will target individuals, accountants, trustees and external financial advisers post the Cavendish acquisition.
2. SMSF advice and packaged solutions will start to be rolled out across AMP’s aligned financial planning network from July through AMP’s Ascend which will include a branded version of SuperIQ which will give planners and advisers access to the leading technology and services it provides.

AMP SMSF Advice, which provides advice services to accountants as a licensee, will remain in AMP’s Financial Advice Network division.

AMP SMSF will form part of AMP Financial Services consolidated reporting.

Mr Sainsbury will continue to head the integration program, where there is a strong team in place to lead integration activity through to completion in 2013.

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