In recent media, stuff news has released an article regarding Fisher Funds potentially acquiring Kiwi Banks KiwiSaver scheme 'Kiwi Wealth' founded by economist Gareth Morgan and Andrew Gawith in August 2000.
Fisher Funds was ranked as the fourth-largest KiwiSaver provider by the fund research firm Morningstar, at the end of March, after ANZ, ASB, and Westpac. However, if Fisher Funds had acquired Kiwi Wealth, the $9 billion in total assets under management (AUM) would’ve placed as the third-largest KiwiSaver provider with $14 billion under management, following closely behind commercial bank ASB, if they had bought Kiwi Wealth earlier.
The National Business Review has produced an article on David Seymour, where the Act party leader has voiced concern stating that “Fisher Funds regaining KiwiSaver status after it was deemed unsuitable in the latest review.” This statement from Seymour demonstrates the concerns that the 270,000 investors in Kiwi Wealth also may be experiencing with this potential acquisition.
With Kiwi Wealth being acquired by Fisher Funds, this doesn't mean you must transfer KiwiSaver funds. This is because when a KiwiSaver scheme loses default status, all its default savers are transferred to other default schemes.
If you are unsure who your KiwiSaver provider is currently, you can access this information by logging into your personal Inland Revenue Department (IRD) account, also known as myIR.
At National Capital, we can help provide you with the guidance to achieve your KiwiSaver goals and align you with the provider that suits your investing requirements. To make the most of your KiwiSaver investment and find the most suitable provider complete our HealthCheck.