POWERED BY MOMENTUM MEDIA
Super at Raiz approaches $200 million
Platform Raiz has seen the funds under management in superannuation rise by 136% year-on-year to $191 million.
In its latest quarterly results to 31 December, 2021, it said superannuation assets increased by 4.1% during the latest quarter.
It particularly saw a “hefty” period between Q4 FY21 and Q1 FY22 when superannuation funds under management rose 72.3%.
Joint group chief executive, Brendan Malone, said: “Despite the broader economic challenges, the last three months of calendar 2021 saw Raiz’s Australian business deliver solid customer growth, as our product suite further penetrated the retail and superannuation market segments”.
Raiz Super worked by users making voluntary contributions to their retail super fund by linking their BPAY details to their Raiz account.
In the investment space, group funds under management peaked $1 billion, up 6.6% from the previous quarter thanks to an increase in users’ balance which now stood at an average of $3,000 per customer.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
Generation Life has backed new voluntary best practice principles aimed at improving retirement income solutions for Australians, despite opposition from parts of the financial services sector.
Australia’s pension assets pool is set to surpass other key economies, new research from the Super Members Council (SMC) has shown.
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
