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?...

2 months 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 3 weeks ago

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

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 2 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND