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.
Recommended for you
The corporate regulator has permanently banned a Melbourne-based financial adviser that “dishonestly attempted to induce clients to transfer their superannuation into a bank account he controlled”.
ASIC has announced the Administrative Appeals Tribunal has upheld a former NSW-based adviser’s permanent ban following his conviction for fraud offences.
The Financial Advice Association Australia has released its pre-budget submission, including six key items to help reduce the cost of professional advice and increase its accessibility.
Phil Anderson, general manager for financial advice at the FAAA, believes the CSLR levy could reach $100 million if Dixon Advisory complaints are allowed to continue.
