Fisher Funds is now the biggest New Zealand-owned and managed KiwiSaver provider, after the acquisition of TOWER investments. The $79 million deal settled today, leaving Fisher Funds with 269,000 customers and $5.5 billion under management. Managing director Carmel Fisher said: “We are proud of Fisher Funds’ journey to date, one that has seen us attract […]
Category Archives: KiwiSaver Articles
KiwiSaver insufficient: FSC
Only 9% of New Zealanders think the country’s superannuation is enough to live on in retirement, survey results released by the Financial Services Council show. About 65% said it was not enough to live on. Ten per cent said they were not sure and 15% were neutral. NZ Superannuation provides an individual $349 a week. […]
First-home changes suggested
The option to withdraw KiwiSaver fund to buy a first home should be retained but other changes made if default funds are changed to “life stages” settings, Mercer says. Mercer, one of the default providers, has about $800 million under management in KiwiSaver and Mercer’s New Zealand boss Martin Lewington said the first-home option has […]
TSB takes on KiwiSaver without AFAs
TSB bought into a stake in a KiwiSaver fund manager without having any authorised financial advisers on staff. TSB became Fisher Funds’ second-largest shareholder, with a 26% stake, when it backed its acquisition of TOWER’s investment business last month. But its first priority now is upskilling its staff as it does not have anyone qualified […]