Fund manager Fisher Funds has acquired Aon New Zealand's superannuation business, which includes its KiwiSaver scheme and Master Trust businesses.
The deal will add over 21,000 KiwiSaver and Master Trust members and approximately $1 billion to Fisher Funds' existing $14.5b portfolio.
Bruce McLachlan, chief executive of Fisher Funds, said the acquisition is a natural progression of Fisher Funds growth plans in funds management in New Zealand.
"This is an exciting moment for Fisher Funds and will further strengthen our position as one of New Zealand's leading independent active funds management businesses," he said.
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"The Aon New Zealand KiwiSaver Scheme and Master Trust businesses particularly appealed to us due to their clients affinity for high quality active management investment solutions. This aligns with Fisher Funds ethos of delivering outstanding client outcomes.
"Our priority is now on working closely with Aon to ensure a seamless transition for all members and clients involved."
The transaction is due to complete at the end of November 2021.
"Once the transition is complete all Aon members and clients will benefit from full access to Fisher Funds active investment team, online platforms, and award-winning client services team. There will be no impact on our existing Fisher Funds clients," McLachlan said.
McLachlan confirmed that all Aon New Zealand KiwiSaver Scheme and Master Trust employees would be offered roles at Fisher Funds.
"We look forward to them becoming valued members of our team," he said.
Until the transaction completes, each business will continue to operate separately with no changes for members.