TSB Bank has upped its stake in Fisher Funds to 49 per cent.
Maria Ramsay, chief executive of the TSB Community Trust, confirmed today that TSB Group Investments had raised its holdings in Fisher purchasing the shares “off a variety of shareholders”.
Previously, TSB owned just over 26 per cent of the Fisher business after shelling out almost $33 million for the shareholding in a 2013 deal.
At the time, Kevin Murphy, TSB CEO, said the purchase would bolster its wealth management offerings, particularly in KiwiSaver.
As at June this year, Fisher reported about $6.6 billion funds under management, including about $2.5 billion spread across its two KiwiSaver schemes.
“Wealth management and retirement savings in particular have become increasingly important to New Zealanders,” Murphy said in 2013. “While we have some involvement in the KiwiSaver market now, this partnership will allow us to broaden the benefits we can provide to our customers.”
TSB distributed the Superlife KiwiSaver scheme before hooking up with Fisher in 2013.
Fisher also paid out $77,000 in “introduction fees” and $6,000 in commission to major shareholder TSB Bank over the 2014/15 year, the fund manager’s accounts published this month show.
The manager also recorded an after-tax profit of $22.4 million in the 12 months to March 31 this year.
In 2013, TSB’s Murphy said both the deal with Fisher was “a very pleasing foundation to work from”.
Murphy referred media queries to Maria Ramsay, chief executive of the TSB Community Trust.
As at press-time, Fisher Funds chief, Carmel Fisher, had returned calls from Investment News NZ.
Carmel and Fisher held 31.75 per cent of Fisher Funds, prior to TSB’s latest purchase.