CEO, senior execs to leave Kiwi Wealth after Fisher Funds takeover

Kiwi Wealth chief executive Rhiannon McKinnon is to leave the company on May 15. Photo / Greg Bowker

Five senior Kiwi Wealth executives, including chief executive Rhiannon McKinnon, are to leave the company following its takeover by rival fund manager Fisher Funds.

McKinnon who has been Kiwi Wealth CEO since February 2021, is to step down from the role on May 15. She was the only woman to head up a KiwiSaver fund management business outside of the bank CEOs.

Kiwi Wealth chief technology officer Craig Ward and chief customer officer Morne Redgard will also leave the business on that date while chief investment officer Steffan Berridge will stay on for another four months.

Chief operating officer Craig Holloway will stay on for another year to support the integration of the two businesses.

In August Fisher Funds announced it would buy Kiwi Wealth from state-owned Kiwi Group Holdings for $310 million.

The combined businesses are expected to have over half a million clients and more than $22 billion in funds under management. It will be the third largest KiwiSaver provider after ANZ and ASB.

Fisher Funds CEO Bruce McLachlan will become the leader of both businesses.

McLachlan said McKinnon guided Kiwi Wealth through a significant period of growth and a challenging sales process. She had built a team dedicated to the success and financial wellbeing of its clients, he added.

“We wish her all the very best as she continues to her next challenge.”

McKinnon said one of the great opportunities of the role had been to build and work with a high-performing, aligned, and committed team at Kiwi Wealth.

“The team created tangible value for our customers and shareholders and progressed a vision to enable brighter financial futures for all Kiwi. I look forward to seeing the expanded business continue to deliver excellent financial outcomes for all their clients.”

Kiwi Wealth general counsel Vanessa Simons will join Fisher Funds’ leadership team.

Last year the takeover sparked fears there would be widespread redundancies at Kiwi Wealth.

McLachlan said it was continuing to progress the integration of the Kiwi Wealth and Fisher Funds businesses.

“Our focus is on ensuring it is as smooth as possible for our clients and staff.”

He said Fisher Funds wished to retain a significant number of the Kiwi Wealth team.

“Any proposed changes in the future will follow the appropriate HR processes as required under New Zealand Law. When we have updates to share, we will do so with our teams and clients first. In the meantime, it’s business as usual at both Kiwi Wealth and Fisher Funds.”