AMP Limited has claimed market leadership in retail superannuation and pensions.
Announcing its half-year results to the Australian Securities Exchange (ASX) today, the company said that it based its market leadership claim on holding 20 per cent market share in the sector.
As well, the company said that it had recorded some significant corporate super wins during the half, picking up 16 new small to medium and large corporate mandates over the period.
The AMP half-year report made clear the importance of the company's corporate superannuation business, including with respect to its MySuper strategy.
It noted that it had contacted more than one million customers and 100,000 employers informing them of the company's new MySuper solutions as well as providing face-to-face training for more than 1,700 corporate superannuation advisers.
It said that approximately $13 billion of assets under management within the AMP wealth management business was classified as default business as defined by the MySuper regulations.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.