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
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.
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
31.72 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
