FMA approves Fisher Funds Huljich takeover
The Financial Markets Authority (previously the Office of the Government Actuary) has approved the transfer of Huljich KiwiSaver members to the Fisher Funds KiwiSaver Scheme.
On March 31 Fisher Funds announced its intention to purchase the Huljich KiwiSaver business, subject to approval by the regulator. No submissions opposing the transfer were received.
The purchase catapults the Fisher Funds KiwiSaver Scheme into one of the largest New Zealand owned non-default schemes in the country with more than 100,000 members and over $400 million in assets.
Fisher Funds managing director Carmel Fisher said, “We look forward to welcoming Huljich KiwiSaver members to our scheme.
“We believe that our unique investment approach and open communication style can help our new members build a healthy nest egg for retirement while understanding how their money is invested and why.
“Increased scale should enable us to improve our offer even more as we look to lower costs to investors over time.”
Huljich Wealth Management executive chairman John Banks said, “I’m delighted to have Fisher Funds take care of our members.
“Our members are moving to a provider that is committed to best practice, cares about its members and is committed to KiwiSaver for the long term.”
The shareholders of Huljich Wealth Management now intend to focus on private investment opportunities outside the KiwiSaver industry.
Former Huljich Wealth Management managing director Don Brash is now leader of the Act Party, giving the party a boost in its poll rating.