ANZ disappointed to lose KiwiSaver default status

Simplicity's Sam Stubbs said KiwiSaver managers charge too much.

Fri, 14 May 2021

ANZ Bank NZ said it is disappointed at losing its KiwiSaver default status but said it believes active management will deliver better outcomes for investors over time.ANZ is the largest KiwiSaver manager and one of five default providers losing that status from Dec 1. The government chose the six successful default providers because of their lower fees. It has also shifted the mandated investment style from conservative to balanced."We have some of the best performing funds, our fees are near the median for default providers and we ha...

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