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.
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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