POWERED BY MOMENTUM MEDIA
Class reaches 17 per cent of SMSF market
Australian self-managed superannuation fund (SMSF) software provider, Class has recorded a total of over 100,000 billable portfolios on its cloud platform.
The announcement comes on the back of news earlier this month that Class had partnered with Depreciator to deliver data accuracy and boost depreciation schedule efficiency.
According to Class, the administration software provider has increased its billable total by 3,388 portfolios since 31 December, 2015.
The company has been developing and delivering cloud software solutions for the Australian wealth accounting market since 2009.
Class chief executive, Kevin Bungard, said that this was a "significant accomplishment" for the company.
In terms of composition, Class said that currently it had 98,515 SMSFs on the platform, together with 1510 other non-SMSF investments administered on the new Class Portfolio product. This brings Class' share of the overall SMSF market to over 17 per cent and its total number of customers to 865.
"We're happy with the momentum of the business – the addition of 3,388 portfolios has been achieved in what has traditionally been our slowest period of the year," Bungard said.
AUTHOR
Daniel Paperny
Daniel Paperny is a technology journalist for Cirrus Media, writing for financial services mastheads FST Media, Money Management and Super Review. Previously, Daniel was the editor of the Bondi View newspaper, focusing on investigative news reporting in current affairs, finance, sports and politics.
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
