Raiz reports drop in FUM
Micro-invest platform provider, Raiz Invest, has reported a 1.2 per cent drop in funds under management (FUM) during December due to falls in global equity markets.
Despite the drop, the firm reported investment fund inflows totalling approximately $6 million, and achieved two months of positive cash flow and growth in normalised revenue.
Raiz’s chief executive, George Lucas, said that key strategic pillars of the company included:
- Growing its customer base;
- FUM and revenue per customer growth by offering a range of products and services;
- Southeast Asian expansion; and
- Strengthening market position through delivery of platform improvements.
“We remain focused on our growth strategy, for which the company remains well funded,” he said.
AUTHOR
Oksana Patron
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
