Australian-owned banks now claim the top three spots in the KiwiSaver market after Westpac ousted AMP as the third-largest provider during the September quarter.
According to the figures published by the Australian research and actuarial firm Strategic Insight (SI) last week, the Westpac scheme grew 7.5 per cent over the three months to September 30, closing out the quarter with more than $4.35 billion under management.
Over the same period, the AMP scheme was up 5.4 per cent to $4.3 billion, falling behind Westpac for the first time. AMP has steadily been losing market share over the last few years…..
As Westpac trumped AMP, fellow Australian bank ANZ broke through the $9 billion mark during the quarter, cementing its long-held place at the top of the table. While the ANZ scheme growth rate of 7.2 per cent was slightly under the total KiwiSaver market growth of 7.6 per cent, the bank still managed to accrue almost $700 million in the September quarter.
The last of the big four Aussie-owned banks, BNZ, also continued to claw its way up the KiwiSaver table, adding 13.6 per cent over the three-month period to finish with just under $1 billion under management. Only the Milford Asset Management scheme, which jumped 16.4 per cent to $688 million, grew faster than BNZ over the quarter.
Most of the remaining top 10 providers in the SI survey grew close to the market average during the period, with just Mercer (5.1 per cent) falling off the pace with AMP.
Interestingly, schemes outside the top 10 grew faster than the market average over the three-months, putting on 12.7 per cent of FUM. However, the 10 largest providers account for almost 93 per cent of the total $37.8 billion KiwiSaver funds under management, the SI report shows.