Auckland KiwiSaver contender, Generate, capped off a good June quarter by registering the only double-digit growth score in the latest Plan for Life (PFL) sector report.
Generate added 10.1 per cent to funds under management over the three months to June 30, the PFL survey reveals, gaining ground slightly on rival Kiwi player, Booster (up 6.2 per cent), in a mid-table tussle.
As at the end of June, Generate held more $4.1 billion in KiwiSaver assets, just behind Booster on almost $4.4 billion.
Meanwhile, both Milford and Fisher Funds (now with extra Kiwi Wealth power) moved up a place in the PFL rankings during the quarter, supplanting AMP and ASB, respectively.
In the June 30 wash-up, Milford KiwiSaver came out with more than $6.1 billion under management, or an 8.8 per cent quarterly increase, versus a smidge over $6 billion for AMP (growing 3.7 per cent in three months).
Fisher ended the quarter with $15 billion plus across its three schemes after a booking a bang-on average growth-rate of 4.4 per cent, putting it a nose ahead of ASB on $14.9 billion as the bank KiwiSaver added some 3.2 per cent to the kitty.
Both Simplicity and Smartshares performed above the mean-line in the June quarter, growing a respective 8.3 per cent and 5.1 per cent while BNZ hit the middle rate of 4.4 per cent.
ANZ, Westpac and Mercer all reported quarterly growth-rates of between 2.7 to 2.9 per cent.
Despite the sluggish relative growth, ANZ remains comfortably atop the PFL KiwiSaver table with more than $19.2 billion under management.
Outside the dozen named players, the combined ‘other’ schemes also grew well above average at 5.7 per cent for the quarter.
The Melbourne-based PFL measured the KiwiSaver market at $97.4 billion as at June 30 with net funds flows of $1.4 billion and $2.8 billion of investment returns contributing to the quarterly increase.
However, Reserve Bank of NZ statistics, which include some restricted schemes absent from the PFL data, weighed in KiwiSaver at about $100.7 billion at the end of June.