Since the COVID-19 pandemic ramped up over the last month, Raiz Invest has experienced a 22.5% loss in retail funds under management and a 6.5% loss in superannuation FUM and is reviewing its staffing levels.
In an announcement to the Australian Securities Exchange (ASX), Raiz said its retail FUM stood at $305.3 million at 31 March, 2020, and $66.3 million for its super fund FUM.
This was a total FUM of $371.5 million, after a 20.1% loss over the last month.
Raiz Invest chief executive, George Lucas, said: “Despite the difficult times for the many young people losing their jobs as a direct consequence of the economic fallout from the COVID-19 pandemic, the vast majority are remaining loyal to Raiz with March active customers only falling 2.4%.
“We are well placed to emerge from both the public health and economic crises in a solid financial position, in large part due to this customer loyalty but also because of the $7.5 million capital raise late last year and strong in cash and cash equivalent position.
“However, these are uncertain times and we are reviewing staffing levels, senior management salaries, directors’ fees, and other fixed costs to ensure the company continues to provide the best services to our customers throughout this difficult period.”
The asset manager is bolstering its investments in the global energy transition and climate opportunities.
The ethical investment manager has reported record FUM as its growth trajectory continues apace.
The chief investment officers of UniSuper, HESTA, and TelstraSuper have elaborated on opportunities and risks that are top of mind when it comes to illiquid assets like private credit within their portfolios.
In an address to the National Press Club last week, the incoming chair of Australia’s sovereign wealth fund said institutional investors could play a role in the winding road towards net zero.
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