KiwiSaver challengers unlikely to win default status

Thu, 15 Oct 2020

The big banks are likely to secure the management default KiwiSaver funds as the government’s tender criteria potentially shuts out small challengers, some providers say. The Ministry of Business, Innovation & Employment this month put out a request for proposals from KiwiSaver providers who want to replace the current nine default fund managers.The criteria require providers to have $100 million of funds under management, which will prevent some smaller brands for bidding and giving the incumbents a better chance of keepi...

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