Fisher Funds is buying the Huljich KiwiSaver business for an undisclosed sum.
The deal will result in more than 100,000 members and $400 million in assets, making the Fisher Funds KiwiSaver Scheme one of the largest non-default schemes in the country with a New Zealand owned KiwiSaver provider.
The transaction is planned for completion in May and is subject to approval by the Government Actuary.
Fisher Funds managing director Carmel Fisher said, “Our two schemes have similar goals and both organisations have shared a passion for KiwiSaver and a desire to give our members the best possible service and communication. Our KiwiSaver Growth Fund is the best performing growth or aggressive fund over one, two and three years to 31 December 2010.”
Huljich Wealth Management chairman, John Banks commented that the choice of Fisher Funds was relatively easy given the shared focus on best practice customer service.
“We are very proud of what we have achieved in the development of Huljich KiwiSaver over the past three years. We have attracted a significant number of members and they have remained loyal to our scheme because of the service we have provided. Fisher Funds has also been successful in this regard. It is also pleasing our members will remain with another New Zealand owned independent KiwiSaver provider, a key point of difference in the KiwiSaver industry.
He said the shareholders of Huljich Wealth Management have decided to move on from the KiwiSaver business, recognising that increasing compliance costs and regulation will change the KiwiSaver landscape in future years.