The economist was only going to sell to a party that adhered to the investment values by which he manages his portfolios.

Gareth Morgan’s call for the New Zealand Superannuation Fund to be shut down is a good idea in theory but a fiendishly difficult one in practice. That's because former finance minister Michael Cullen built the thing so it couldn't be torn apart.

Mr Morgan says that in the wake of National’s decision to suspend contributions, the New Zealand Superannuation Fund should be shut down and the current $12.5 billion under management be given back to the public in the form of KiwiSaver contributions.

Gareth Morgan describes his move into wholesale funds management as “typical Morgan anarchy again.”

The new firm, likely to be called Gareth Morgan Wholesale, has no clients yet but Mr Morgan has poached Trade Me head of commercial and regulatory affairs Mike O’Donnell as its head.

Mr Morgan says it is a natural extension of the current retail investment offering.