DAVID CHAPLIN: Banks scramble as Vanguard dumps KiwiSaver funds

DAVID CHAPLIN: Banks scramble as Vanguard dumps KiwiSaver funds
David Chaplin
Vanguard Australia broke ranks with global best practice in funds management this month. It returned many, many billions of dollars before investors asked for it back.The shock move will see Vanguard stop managing money on behalf of many institutions in Australia and New Zealand, including several KiwiSaver schemes, as it starts playing directly in the retail market.In total, Vanguard expects to hand back A$160 billion – or about the equivalent of New Zealand’s entire managed funds sector - by the time it consciously decouples...

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