Raiz chair to retire

Tony Fay, who has been the chair at Raiz Invest - formerly Acorns Australia - is set to retire from the company's board in December.

Fay joined the Acorns board in 2015 after an executive career in investment banking. He was the managing director for ANZ Futures and MF Global Australia for nearly 15 years until it was wound up in 2011.

"Tony has made a significant contribution to the business through his experience of financial markets, management, product development, compliance and risk management," said Raiz group CEO George Lucas. "On behalf of the Board and management, I would like to thank him for his board leadership and wise counsel, and I wish him all the best in his future endeavours.

Fay's position on the board is being replaced by Kevin Moore, who is set to join in early December.