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.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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