POWERED BY MOMENTUM MEDIA
Super on Raiz sees 158% growth
Increasing numbers of Australians are using investing platform Raiz to contribute to their superannuation with superannuation funds under management (FUM) rising 158%.
In its latest results on the Australian Securities Exchange (ASX), it said super FUM had increased 158% year-on-year to $183 million at the end of Q1 FY22. This was up from $71 million in September 2020.
This had since increased further to $187 million at the end of November.
Raiz Super worked by users making voluntary contributions to their retail super fund by linking their BPAY details to their Raiz account.
The firm also announced the acquisition of Superestate which provided Raiz with the ability to offer residential property as an investment option in super. Superestate worked by allowing members to allocate a percentage of their super to residential property.
Total FUM on the platform had surpassed $1 billion.
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
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
