Fintech exposes SMSFs to global shares

Stake has hired a former Macquarie Group and IRESS executive to help self-managed super funds invest directly in the global share market.

Matthew Rady joins the fintech as head of business development, responsible for expanding services and developing new products as it readies for growth in Australia.

Most recently he was the global head of financial markets at IRESS, and prior to that was a long-serving Macquarie Group executive, working across private wealth, mortgages, global investments and insurance finance for more than 18 years.

Commenting on his new role, Rady said investors have lost touch with the local market, yet there are no simple, low-cost ways to access the global markets for Australian retail investors.

"It's vital that investors are given the opportunity and cost effective access to diversify their investment portfolio and invest in the global companies that will matter most in the future," he said.

Stake also announced the beta launch of Stake Premium, which gives SMSFs access to US equities without charging brokerage fees.

Citing data from the Financial Services Council, only 0.6% of SMSFs are invested in overseas shares versus 26.7% of industry super funds, Stake co-founder and chief executive Matt Leibowitz said.

Stake Premium was launched to remove lengthy account set-up processes and tax reporting burdens, as well as to eradicate $65 charged for every trade, he added.

"It's astounding self-managed super funds have been allowed to over-expose themselves to Australian equities and property. We want to help get investors out of their own backyard and give them access to global markets, enabling them to balance their portfolios and invest directly in the companies that affect their daily lives, from Apple to Amazon, Berkshire Hathaway to Baidu," Leibowitz said.

Read more: StakeIRESSMacquarie GroupStake PremiumFSCMatthew RadyMatt Leibowitz
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