Fisher Funds to retain Kiwi Wealth scheme and Wellington staff

Fisher Funds to retain Kiwi Wealth scheme and Wellington staff
Fisher Funds CEO Bruce McLachlan says KiwiSaver providers need scale to compete with the big Aussie banks. (Image: Fisher Funds)
Dan Brunskill
Fisher Funds plans to retain Kiwi Wealth’s KiwiSaver scheme and many of its Wellington-based staff once the acquisition is complete.On Monday, Kiwi Group Holdings announced Fisher Funds had agreed to buy Kiwi Wealth for $310 million – conditional on Overseas Investment Office approval. This deal will make Fisher Funds the second-largest KiwiSaver provider, with $14 billion under management, putting it ahead of ASB’s $13.3b. Fisher Funds' chief executive Bruce McLachlan said NZ’s financial services had long...

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