Start-up fund GigSuper goes into liquidation

3 July 2024
| By Jessica Penny |
image
image
expand image

In a published notice from the Australian Securities and Investments Commission (ASIC) last week, it was revealed that start-up superannuation fund GigSuper has entered voluntary liquidation.

At a general meeting on 24 June, it was resolved that the company would be wound up and that principal at DW Advisory, Paul Gerard Weston, would be appointed liquidator.

The fund was first launched in 2017 by two former staffers of IG Australia, Peter Stanhope and Martin Batur, and aimed at self-employed people.

At the time, Stanhope emphasised his and Batur’s understanding of the importance of flexibility and ease of use.

“Working job-to-job means your income fluctuates through the year, and the ability to access your money if needed is vital,” Stanhope said. “Within five minutes clients can sign up for an account, roll over existing balances, set contributions, and more – all from their mobile phone.”

At the onset, the fund had ambitious goals of growing to 60,000 members with $2 billion in assets under management by 2026.

However, despite a capital raise, GigSuper entered administration in February 2022, owing $2.7 million to unsecured creditors and $200,000 to employees.

As reported by The Australian Financial Review at the time, the retail super fund had been warned by its trustee Diversa Trustees on 8 October 2021 that it would close its DIY Master Plan super product in the first half of 2022.

Two weeks later, Birchal, a crowdfunding platform, announced that GigSuper was undertaking a fundraising campaign.

Super Review reported in 2022 that GigSuper directors had rejected a bid from an undisclosed super fund prior to its folding on 10 December “as it was not in the best interests of the creditors and shareholders of the companies”.

Members of the fund were warned that the fund would close on 24 December, but email addresses weren’t hidden, which resulted in members getting in contact with each other to vent their angst over potentially losing their money.
 

Read more about:

AUTHOR

Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

6 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

6 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

6 months 3 weeks ago

In the role, his responsibilities will include leading Morningstar’s strategy to provide superannuation fund ratings for the first time....

58 minutes 12 seconds ago

A sustainable finance specialist is poised to add credence to the fund’s ethical investment approach....

1 hour ago

According to Future Super and Verve Super, sustainable investment screening provided a performance boost in the last financial year....

2 days 16 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND