Under the terms of the purchase agreement with Kiwibank-subsidiary Kiwi Wealth Management, the former principals, Andrew Gawith and Gareth Morgan, have ended their employment with Gareth Morgan Investments (GMI).
Both remain directors however Morgan is expected to step down as his focus moves to other business and personal interests.
GMI managing director Stuart Bremner says the senior management team that has been put together since Kiwibank bought the business "is a mix of old and new personnel."
"They are talented and passionate about growing GMI while retaining its values and commitment to customer service,” he says.
Morgan confirmed he is “looking to move off the board" but will remain chairman of the Investment Governance Committee.
"This is where I can still add value and of course have a vital interest given I remain a major client of GMI.”
“The guys running this place don’t need me now. They know what they’re doing. Since we sold the business they’ve grown the funds from $1.5 billion to $1.9 billion and there are over 63,000 KiwiSaver members. The business, and my money, is in very good hands.”
Bremner says: “We intend to maintain the company’s growth by concentrating on the values of customer service, transparency and prudent funds management.”
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