Just two of the top 12 KiwiSaver providers managed to grow during the March quarter, new Plan for Life (PFL) figures show, as the total market dropped by 0.8 per cent for the period.
The PFL survey found the Milford KiwiSaver way in front with a 4.4 per cent increase in assets under management over the first three months of 2025 while Simplicity snuck into the black after carding 0.1 per cent growth.
Mercer, the NZX-owned SuperLife (due to rebrand under the Smart banner) and Fisher Funds all slid backwards by 2 per cent or more for the quarter: the rest of the dozen largest providers fell from between -0.8 per cent (ASB) to -1.9 per cent (ANZ).
But while most of the plus $2 billion-size KiwiSaver providers struggled during a difficult three months for investment markets, the 20 or so ‘other’ schemes tracked by PFL grew by 0.7 per cent in aggregate over the same period.
Outsiders including Aurora, Kernel, Sharesies, Pathfinder and InvestNow have been among the fastest-growing schemes over the last couple of years with the shift in loyalties to ‘others’ a consistent trend in the PFL numbers of late.
Total KiwiSaver assets under management fell about $1 billion quarter-on-quarter to end the period at just under $123.2 billion on the back of investment losses of $1.6 billion and $600 million of net inflows.
However, the March quarter net inflow this year was less than half the figure recorded in the same period in 2024 and well below the $1.5 billion notched up in the respective three-month timeframes over 2022 and 2023.
KiwiSaver net flows in the December 2024 quarter also fell compared to the two previous years by similar proportions.
The June quarter is historically the low-tide mark for KiwiSaver flows before the bumper September period – juiced up with government member tax credit contributions – rises to at least double the annual average.
More than $2.6 billion net flowed into KiwiSaver during the September 2024 quarter to a level just above the two prior years but under the $3 billion plus gush of the same period in 2021.