First NZ Capital Investment Management (FNZC) has decided to exit the KiwiSaver market and transfer its business to Fisher Funds.
After securing approval from the government actuary FNZC is to transfer all scheme members into the Fisher Funds KiwiSaver Growth Fund.
“Fisher Funds offers what we consider to be a well resourced and experienced investment management team that will continue to manage your investment according to materially corresponding investment initiatives,” said FNZC director Malcolm Davie.
In a letter to members outlining the move Davie said FNZC believed the transfer would provide a “favourable outcome” for members.
“Fisher Funds is one of the ten largest NZ retail fund managers, managing more than $850 million for more than 35,000 investors, and a number of its products have been independently rated by Morningstar – giving you comfort that their controls and investment processes are of a high standard and have been externally examined.”
Davie said that if the transfer receives government approval members will be automatically transferred into to the Fisher Funds Growth scheme in late November and once complete, the FNZC scheme will be wound up.
Members were also informed they were free to transfer to any other KiwiSaver scheme and in the event the government failed to approve the move members who had not transferred to another fund would be placed in the Inland Revenue Department default scheme.