Fidelity Life has been named KiwiSaver fund manager of the year in the FundSource Managed Fund Industry Awards.

KiwiSaver was a key focus of this year’s awards with FundSource deciding not to bestow an overall Fund Manager of the Year award for the broader industry.

That was because of structural and ownership changes of some participants during a year of extreme volatility in international markets. Fund managers were also gearing up to meet changing requirements of market legislation, FundSource spokeswoman Rachael Newsome said.

She noted that Fidelity was not one of the large default KiwiSaver providers.

“Their fee structure is transparent and reasonable, their fund performance steady and their collateral relatively unglamorous and easy to understand."

Other sector winners
Milford Asset Management won the Star Performer category for its Milford Income Fund, Tyndall Investment Management won the equities category and the fixed interest category, NZ Guardian Trust won the cash category with its Cash Fund and Mint Asset Management took out the property category with its Australia/NZ Real Estate Investment Trust.

There were no nominees in the NZ Mortgage, NZ Equity, International Equity, International Fixed Interest or diversified sectors satisfying the awards criteria.

ANZ subsidiary OnePath did not meet the criteria for the awards due to restructure of its investment team in November.