Almost nine months after it purchased superannuation and KiwiSaver provider, SuperLife, the NZX is preparing to wind up its incumbent scheme, Smartkiwi.
According to the Smartkiwi accounts for the 12 months to end of March this year, the “financial statements have not been prepared on an ongoing basis” with a wind-up likely in the current fiscal period.
“NZX and Smartshares are currently considering options for combining the SuperLife and Smartshares KiwiSaver schemes,” the Smartkiwi accounts say. “This may result in the Smartshares KiwiSaver scheme being closed and members transferred to an identical set of investment options within the SuperLife scheme.”
Over the 12 months to March 31, the Smartkiwi scheme saw membership decline again from just over 1,400 the previous year to sit at 1,368 in the latest report. Membership of the NZX-owned scheme has declined year-on-year since 2011 when Smartkiwi peaked at 1,608 members.
As at March this year, Smartkiwi reported funds under management of just over $39 million, up from $32.2 million 12 months previously.
In its latest monthly shareholder metrics, the NZX reported SuperLife KiwiSaver funds under management as at August this year of $438 million. Of the total $958 million invested in the Smartshares range of 19 exchange-traded funds (ETFs) as at the end of August, about $528 million was sourced via SuperLife, the NZX statistics show.
Smartkiwi invests into a limited range of Smartshares ETFs.