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.