Raiz Invest announce new strategic relationship with State Street Global Advisors and $2 million share placement
ASX-listed Raiz Invest Limited have announced a new strategic relationship with State Street Global Advisors Inc. and the successful completion of a $2 million share placement at an issue price of $0.41 to State Street Global Advisors.
Raiz Invest and State Street Global Advisors have entered into a strategic relationship. The relationship will see State Street Global Advisors’ trusted brand and deep knowledge of markets come together with Raiz’s mobile-first platform, which helps Australian retail investors with micro-investments primarily in exchange-traded funds (ETF) and model portfolios. Leveraging State Street Global Advisors’ international library of resources, insights and trends, Raiz customers will have access to a broader array of financial literacy content and investment education tools.
State Street Global Advisors Inc. is the 4th largest asset manager worldwide, with assets under management of US$4.42 trillion and a market capitalisation of US$24 billion.
State Street Global Advisors’ SPDR S&P/ASX 200 Fund (ASX: STW) is currently the largest single fund holding in the model investment portfolios provided by Raiz to its customers. The asset manager’s SPDR MSCI Australia Select High Dividend Yield Fund (ASX: SYI) and SPDR S&P Global Dividend Fund (ASX: WDIV) are also available on Raiz.
The strategic relationship offers potential to explore an expansion of State Street Global Advisors’ ETFs on the Raiz platform, from basic ETFs through to superannuation retirement portfolios.
Brendan Malone (pictured), Raiz Invest Managing Director and CEO, said, “We are committed to growing our core Australian business through ongoing product innovation and improving the financial literacy of retail investors. The strategic relationship with State Street Global Advisors enables us to accelerate our activities in both of these areas. Raiz will leverage State Street Global Advisors’ trusted global brand to broaden market awareness and financial literacy of its customers in Australia and accelerate customer acquisition and FUM on the Raiz platform. We are also delighted to offer existing eligible retail shareholders the opportunity to participate in the SPP.
“We have positive momentum in our business and are very happy to welcome State Street Global Advisors to our register to continue supporting our long-term growth strategies.”
Yie-Hsin Hung, President and CEO for State Street Global Advisors, said, “We are excited to expand our relationship with Raiz, a proven fintech leader in bringing important tools and educational resources to investors across the region. This strategic investment reinforces our strategy to join forces with wealth firms who share our commitment to help investors globally manage their investments and savings for retirement.”
Meaghan Victor, State Street Global Advisors Head of Intermediary Asia Pacific, added, “Deepening the existing relationship with Raiz reinforces State Street Global Advisors’ commitment to the Australian market. This investment is a natural extension of the successful relationship we have enjoyed with Raiz since launch in 2016. Both of us share a passion for making financial tools and solutions accessible to all investors, and through this strategic arrangement we will leverage our respective capabilities to help Australian investors plan and save for retirement.”
