Sharesies has confirmed its KiwiSaver launch line-up with a trio of local fund managers to open batting for the scheme.
The just-released Sharesies KiwiSaver statement of investment policy and objectives (SIPO) names Pathfinder, Pie Funds and Smartshares as underlying managers for the investment platform’s inaugural pitch into licensed financial product territory.
After gaining a managed investment scheme (MIS) licence earlier this month, Sharesies co-founder, Leighton Roberts, said the firm would roll out a KiwiSaver product in the first half of 2023.
But the much-anticipated scheme follows a traditional outsourced manager route rather than the open-choice of equities and funds model favoured by the Sharesies investment platform.
According to the SIPO, the KiwiSaver scheme will offer a selection of three growth funds managed by Pathfinder, Pie and Smartshares with the latter also providing balanced and conservative options.
Specifically, the Sharesies scheme will invest into the existing Smartshares SuperLife conservative, balanced and growth funds, the Pathfinder Ethical Growth Fund and the Pie Growth 2 Fund.
All three of the underlying managers also run KiwiSaver schemes – two in the case of the NZX-owned Smartshares (which recently bought the QuayStreet product) while Pie operates the Juno KiwiSaver.
While pricing and other product details remain scarce, the Sharesies SIPO suggests the scheme will add more investment options over time.
“Our core belief is that when it comes to retirement saving New Zealanders should have greater control over where their KiwiSaver savings are invested. As Manager of the Sharesies KiwiSaver Scheme, [Sharesies Investment Management Limited] SIML is the central point of coordination between the supervisor, custodian, administrator and fund managers,” the SIPO says. “Through this partnering model, SIML can introduce and support a scheme that provides Members with more choice and control over their KiwiSaver and a low cost, digital first experience.”
Trustees Executors has been appointed custodian and supervisor of the Sharesies KiwiSaver while administration will be shared between in-house systems and MMC (now part of Apex Group NZ).
Sharesies has accumulated over 500,000 members on its share-trading and fund platform since launch in 2017 including in the newish Australian business.