Gareth Morgan to take over management of Kiwibank's KiwiSaver scheme

Kiwibank, state-owned New Zealand Post's lending subsidiary, is consolidating its KiwiSaver scheme within its newly acquired Gareth Morgan Investments business.

In January, Kiwibank extended its share of the funds management market by purchasing GMI for an undisclosed sum. GMI, which was set up by economists Gareth Morgan and Andrew Gawith, manages some $1.3 billion in funds in KiwiSaver, superannuation and private investment schemes.

The intention is for members of the existing Kiwibank scheme to transfer but that process is still being worked through, Stuart Bremner, general manager of wealth and insurance at Kiwibank, said in a statement.

Kiwibank targeted wealth management in 2009 when it teamed up with AMP Capital with four actively managed funds. It later ditched Mercer as the distributer of its KiwiSaver scheme, replacing it with AMP Capital.

(BusinessDesk)

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Spark New Zealand appoints new director to the Spark Board
AFT to announce full year results on May 23 2024
CRP - Korella North Takes Another Two Steps Forward
May 3rd Morning Report
ASB workers to strike as bank proposes an effective pay cut
Rising tides, sinking stocks: study explores cost of climate change
May 2nd Morning Report
AGL - Change in Senior Management
Devon Funds Morning Note - 01 May 2024
Rick Christie to step-aside as a non-executive director