Raiz Invest loses 20.1% in FUM in March

raiz-invest/ASX/george-lucas/australian-securities-exchange/loss/retail-funds/funds-under-management/FUM/superannuation/

7 April 2020
| By Jassmyn |
image
image
expand image

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.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS