New Zealand’s only shariah-compliant fund manager has amassed $8.5 million across its KiwiSaver and unit trust in its first year in business. Founder Brian Henry said it had accumulated 700 members. “We’re pretty pleased with that growth. We only started marketing it heavily in September. There have been so many other things to organize and …
Category Archives: KiwiSaver News
Withdrawals increase
The amount of money being withdrawn from KiwiSaver accounts to fund first-home purchases soared in the year to January, new data from Inland Revenue shows. Members have pulled about $470 million out of the scheme over the year to purchase a first home. Changes introduced in April allowed members to withdraw their member tax credit …
Managers move away from alternatives
Generate and Milford had the largest percentage gain in KiwiSaver funds under management in the December quarter, new data from Aon shows. It has released its KiwiSaver report for the December 2015 quarter. Total funds under management have increased by 5.4% over the quarter, well in excess of the growth due to investment gains. Generate’s …
Milford passes $500m mark in KiwiSaver
Milford has amassed more than $500 million in its KiwiSaver funds. It ended 2015 with $523 million under management from 13,330 members. Milford said its members had the highest average balance of any large KiwiSaver provider, at $39,230 compared to $11,950 for members across the scheme. “Milford’s main objective is to achieve the highest possible …