AMP’s newly formed business unit, AMP SMSF, has appointed Craig Jameson as director of business operations with immediate effect. Jameson was previously managing director at ANZ-owned SMSF specialist Super Concepts.
He will be accountable for setting up AMP SMSF’s business operations, including creating and implementing its business architecture and overall strategy.
The appointment follows the late June launch of a new AMP business unit focused solely on the SMSF market – AMP SMSF.
Jameson joins SPAA chairman and former Cavendish managing director, Andrew Hamilton, on the AMP SMSF senior management team, reporting to AMP SMSF managing director Paul Sainsbury.
“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,” says Sainsbury.
“I look forward to working with Craig and the rest of the AMP SMSF team to create a new force in the SMSF market.”
Prior to joining Super Concepts in early 2009, Jameson was ING Australia’s head of strategy and transformation, customer solutions.
He 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.
Jameson says he is pleased to join a business with a clear 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,” he says.
“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.”
AMP SMSF 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 of the deal expected later this week.
I agree Pat, in the long run I don’t see success coming to AMP by way of FUM growth from this venture. In fact it may irritate clients when they try to push their products and advice, which is clearly not independent. I think a lot of these larger institutions also have some vision to automate it all on a platform linked to only AMP trust products, it is hard to see this happening and others have failed before (ING/ANZ) for example. Scalability is hard to achieve and clients demand personalised service and expertise.
Congrats Jammo, looks like AMP are putting the foot down!
For as long as groups like AMP see SMSFs simply as a marktlet segment to which they can try to flog AMP insurance, AMP investment products and build FUM so their advisers can charge conflicted percentage fees, these targeted pushes into SMSFs are destined to fail. The market is too cynical for that.