ANZ has strengthened its position as the number one KiwiSaver provider, according to an Investment News NZ (IN NZ) special report released today.
The ‘Pieces of eight’ report found ANZ, across its three schemes, grew both its share of total market KiwiSaver funds under management (FUM) and membership by more than 1 per cent in the 12 months to March 31, 2015.
As at March 31, ANZ – including the main bank scheme, ANZ Default and the adviser-distributed OneAnswer – reported total FUM of $6.87 billion and almost 665,000 members.
ANZ was the only one of the top five providers to grow market share over the annual period.
“In the case of Westpac, the [FUM] market share decline was marginal while ASB and the conjoined Fishers gave up about 0.5 per cent each during the year. AMP, however, saw its market share drop by more than 1 per cent over the 12 months to March 2015,” the report says.
AMP also experienced a nominal drop in KiwiSaver members as well as dropping about 1 per cent market share during the year.
The study found Generate was the fastest-growing KiwiSaver scheme over the 2014/15 reporting period.
As well as an analysis across a range of factors including FUM, membership, transfers and fees, the 2015 report KiwiSaver includes for the first time a tally of service providers such as administrators, auditors and legal firms.
A free copy of the study is available by clicking here, while historical reports dating back to 2012 can be downloaded by following this link.
The findings in this report are based on figures collected from the annual reports of 33 KiwiSaver schemes.
A complete set of the data in Excel spreadsheet form, covering member and funds under management trends; fees and expenses; investment returns; scheme transfers and other metrics, is available for a not-unreasonable fee of $260 plus GST.
Please contact the author at david@investmentnews.co.nz or
ph 06 878 4295 for further details.