Class reaches 100k milestone

3 March 2016
| By Daniel Paperny |
image
image
expand image

Australian self-managed superannuation fund (SMSF) software provider Class has this morning announced it has surpassed a total of 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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago