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ASB is closing down its KiwiSaver scheme set up for advisers and is currently considering its future options for the product.

It says that, as part of a review of its KiwiSaver schemes, it will no longer be accepting applications to join the FirstChoice KiwiSaver.

First Choice differs from the ASB KiwiSaver scheme as it has actively managed funds and was setup for advisers and as a distribution option for Sovereign. The ASB scheme uses index funds and is sold through the bank distribution network.

Currently First Choice has [title%3e] around 15 title%3e, 000 members and $200 million of funds under management while the ASB scheme has 370, 000 members and more than $2 billion.

ASB’s Executive General Manager Wealth and Insurance Blair Turnbull says the reasons behind the change are largely to do with economics. Title%3E title%3e he says some of the funds within first choice, including the sustainability fund which invests in former us vice president al gore’s company, have small amounts of funds under management.

Although First Choice has active funds there is a skew towards conservative, cash and balanced funds in the scheme.

He says that ASB GI, the manager of both FirstChoice and the ASB KiwiSaver Scheme, is considering its options for FirstChoice, including the possibility of transferring members to an alternative scheme.

ASB is continuing to develop its flagship scheme which includes adding some actively manage fund options “in the not too distant future. ”