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AMP snaps up super fund
AMP has acquired Cavendish Pty Ltd, the largest self-managed super fund administrator in Australia.
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Firms: Kelly & Co (Cavendish Pty Ltd) Minter Ellison (AMP)
Area: M&A
Value: Undisclosed
Key players: Kelly & Co partners Garry Winter and Jamie Restas (pictured) lead the transaction, while Jacqui Ion and Lisa Jarrett also provided advice. Minters partners Carolyn Reynolds led the team, together with partners Christopher Brown, Maged Girgis, Gordon Williams, Anthony Lloyd, Adrian Varrasso, Bastian Gasser and John Riley. Senior associates Keith Tan, Andrew Bradley, Sheridan Jones and Nick Martin also acted with the Minters team.
Deal significance: Based in Adelaide, Cavendish was the largest self-managed superannuation fund (SMSF) administrator in Australia. The privately-owned company controlled more than 5000 funds, employed more than 100 people and had been a long-time client of Kelly & Co. The acquisition was a key part of AMP’s strategy to increase its share of the self-managed super-fund market. The new unit, AMP SMSF, will deliver SMSF administration services to individuals, accountants, stockbrokers and external financial advisers.
