The top five KiwiSaver table is about to get more Kiwi as two local providers nip at the heels of Australian-owned rivals.
If growth trends highlighted in the latest Plan for Life (PFL) KiwiSaver datasets stay true, both Fisher Funds and Milford Asset Management should rise up a spot either this quarter or the next to shake-up the top five order.
According to the PFL March quarter KiwiSaver report, the newly conjoined Kiwi Wealth-Fisher Funds KiwiSaver empire sits just $54 million behind the second-placed ASB scheme while sporting a slightly higher growth-rate.
Fisher, including Kiwi Wealth, recorded about $14.42 billion under management as at March 31 after growing 5.9 per cent during the quarter as the $14.7 billion ASB KiwiSaver was up 5.5 per cent for the same period.
Meanwhile, the sixth-place Milford gained a $100 million or so on AMP over the three months to finish approximately $140 million short of claiming the number five jersey.
The Milford KiwiSaver scheme reported funds under management growth of 6.8 per cent for the quarter to reach over $5.6 billion as AMP added 4.8 per cent – the only top 12 provider to turn in a sub 5 per cent result during the period along with Mercer (4.1 per cent).
Mid-tier players Booster and Simplicity also hit new milestones in the March quarter, breaking through the $4 billion and $3 billion thresholds, respectively.
Indeed, Simplicity (9.7 per cent), Booster (8 per cent) and the other member of the Kiwi triumvirate, Generate (8.5 per cent), recorded the fastest growth-rates for the three months.
The PFL figures show the total KiwiSaver market was up 6 per cent quarter-on-quarter, bolstered by investment returns of $3.8 billion and $1.4 billion in net fund flows.
Overall, the PFL data measures the KiwiSaver universe at more than $93.2 billion as at March 31 while the fuller Reserve Bank of NZ figures show the sector at over $97 billion.