Lower KiwiSaver default fund fees, performance seemingly ignored

Fisher Funds chief executive Bruce McLachlan says his company's default fund outperformed peer averages.

Sat, 15 May 2021

The government's changes to KiwiSaver default providers will result in lower "extremely good and sharp" fees, David Clark, the commerce and consumer affairs minister, told journalists.However, it doesn't appear that fund managers' investment performance was taken into account.The government had wanted the lowest possible fees and that's what the tender process achieved, Clark said.He had been asked why the government didn't just regulate fees.The government reduced the number of default KiwiSaver managers from nine...

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