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.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
While some superannuation funds have gone down the route of internalisation, others say they favour ‘smart partnering’ with external managers for diversification appeal.
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