Online retailer Kogan.com is targeting a slice of Australia’s $2.7 trillion superannuation industry with its own-brand fund.
Kogan.com, which has already branched out from its core retail operations into mobile communications, home internet and insurance, has signed a deal to distribute a March & McLennan-owned Mercer product under the Kogan brand.
The company claims the fund’s fees will be among Australia’s cheapest.
‘This partnership will deliver a no frills superannuation offering with ultra-low fees that will enable Aussies to retain and preserve more of their personal wealth,’ Kogan.com co-founder David Shafer said in a statement.
Under the agreement, Kogan.com will provide the branding and marketing, while Mercer will operate the fund and provide customer service.
Kogan.com, which claims 1.45 million active customers, is aiming to launch the product early in 2019.
There were 28.6 million superannuation accounts with $2.7 trillion in assets at June 30, according to Association of Superannuation Funds of Australia.