Recently, Stuff released an article regarding Fisher Funds potentially acquiring Kiwi Banks KiwiSaver scheme ‘Kiwi Wealth’ founded by economist Gareth Morgan and Andrew Gawith.Â
Fisher Funds was ranked as the fourth-largest KiwiSaver provider by the fund research firm Morningstar, at the end of March 2022, after ANZ, ASB, and Westpac. However, if Fisher Funds had acquired Kiwi Wealth before March 2022, it would have placed third with $14 billion under management, following closely behind commercial bank ASB.
The National Business Review has produced an article where David Seymour, the Act party leader, has voiced concern regarding Fisher Funds regaining KiwiSaver status after it was deemed unsuitable in the latest review. Seymour’s concerns regarding this potential acquisition could potentially be shared by the 270,000 investors in Kiwi Wealth.Â
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.
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