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Grosvenor picks up another $440 million in FUM

Fidelity Life has exited the last of its investment products with a sale of its $440 million superannuation fund to Grosvenor Financial Services.

Friday, November 27th 2015, 3:29PM 1 Comment

Grosvenor will acquire the Fidelity Super-Super Plan, Number 3 for an undisclosed sum with settlement likely to be in the first quarter next year.

The scheme is a more traditional super fund, and it is a recognised overseas pension scheme capable of accepting UK pension transfers.

Currently Grosvenor doesn’t have any funds capable of accepting UK pension transfers after authorities in the United Kingdom removed the eligible status from KiwiSaver funds.

Fidelity Life has a close working relationship with Grosvenor and became a shareholder after selling its KiwiSaver funds to the group in 2013.

Both Grosvenor and Fidelity Life are New Zealand owned companies committed to supporting non-aligned financial advisers and the interests of all Kiwis.

“We are very excited about this new opportunity to further cement our strategic alliance; and the benefits it will bring to clients and advisers,” Grosvenor chief executive Allan Yeo says.

“While management of the Plan will no longer sit with Fidelity Life once the transaction concludes, our intention is to ensure that in most other respects it should be business as usual for advisers and clients.”

He says Grosvenor are working on an agreement where Fidelity Life’s staff will continue to provide the high level of support and service that advisers have come to expect.

“The addition of Grosvenor’s investment management system and administration expertise will significantly enhance that level of support and service which advisers and clients will experience.”

Fidelity Life’s BDMs will continue to service advisers for the Plan as they have in the past.

Yeo says it is anticipated that over time the Plan will transition from being an insurance-based scheme to a PIE structure on the Grosvenor platform.

As well as being more tax-efficient for many clients, this would mean that Grosvenor will also be able to provide you and your clients with a greater level of reporting, including daily unit pricing, online fund balances and fund commentary.

Tags: Fidelity Life Grosvenor Financial Services

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Comments from our readers

On 27 November 2015 at 11:24 pm John Milner said:
Nice FUM for Grosvenor but the party is pretty much over for volume QROPS business. Also good to hear the funds will enter the 21st century tax wise at last.

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