tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, March 28th, 10:13PM

News

rss
Latest Headlines

Kiwibank buys Gareth Morgan Investments

Kiwibank has announced it will buy fund manager Gareth Morgan Investments (GMI), including the Gareth Morgan KiwiSaver Scheme.  

Wednesday, January 18th 2012, 11:19AM 3 Comments

by Niko Kloeten

GMI currently manages over $1.5 billion, of which $650 million is KiwiSaver related, on behalf of more than 57,000 clients.

GMI will operate as a stand-alone entity under the Kiwibank Wealth and Insurance line of business. Gareth Morgan will remain a major client of the business and a member of the investment strategy team. Both GMI principals, Morgan and Andrew Gawith, will remain directors of GMI alongside two Kiwibank-appointed directors.

The deal will significantly increase the size of Kiwibank's KiwiSaver business, which launched last year after the bank ended its distribution deal with default provider Mercer.  It currently has about 15,000 members.

Kiwibank chief executive Paul Brock described the purchase as "a unique opportunity to rapidly grow our Wealth and KiwiSaver businesses, while remaining true to the values that have built Kiwibank".

"GMI's core values of trust and honesty; transparency; respect for clients' interests; and the continual pursuit of excellence mirror Kiwibank's values of doing what's right; making it easy; and raising the bar."

Mr Brock added "we started our own KiwiSaver scheme just over a year ago and while the growth has been impressive we were aware of the need to extend our investment management capability. Our plan to do this looked very much like what GMI has developed".

"The aligned values of both organisations reinforced the decision to buy rather than build and we are delighted to have GMI as part of the Kiwibank group and the ongoing participation of its principals".

Morgan maintains a high profile outside of the fund management industry and was in the news again this week for his offer to pay for the funeral of "blanket man" Ben Hana.

Niko Kloeten can be contacted at niko@goodreturns.co.nz

« Euro woes no cause for panic (yet)KiwiSaver mismatch a 'huge challenge' for advisers »

Special Offers

Comments from our readers

On 18 January 2012 at 12:28 pm Interested said:
Great to see GMI being sold to a NZ owner (I think we have enough Australian owned groups playing in the industry).

Also looks like a good move by Kiwibank, as it makes them a big player in the KiwiSaver sector, plus gives them an instant private bank.
On 18 January 2012 at 2:00 pm Amused said:
"GMI's core values of trust and honesty; transparency; respect for clients' interests; and the continual pursuit of excellence mirror Kiwibank's values of doing what's right; making it easy; and raising the bar."

So, Kiwibank are transparent to borrowers about their low equity premium costs? Ask any customer who has been given a "conditional" pre approval letter by them (low equity premium is not disclosed) and then told at the 11th hour it's suddenly going to cost thousands for Kiwibank to approve the loan what they think of that statement. Yes off topic sorry but I couldn't let that remark by their chief executive pass.
On 18 January 2012 at 2:04 pm Peter said:
I hope Gareth declares his windfall as "income" so that he can pay tax on it. He professes support for a capital gains tax and I am sure the Govt will not mind him bending their rules.
Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com