Overseas loans financed Kiwi Wealth buy, accounts show
Fisher Funds owners Toi Foundation and TA Associates borrowed heavily at double-digit interest rates to buy the state-owned fund manager.
The acquisition of Kiwi Wealth a year ago made Fisher Funds the second biggest KiwiSaver provider behind ANZ.
Overseas lenders funded the entire $309 million purchase price of fund manager Kiwi Wealth by Fisher Funds owners Toi Foundation and TA Associates, financial statements show.
Fisher Funds bought Kiwi Wealth in November 2022 to become the country’s second biggest KiwiSaver provider behind ANZ.
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