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Stubbs looking to launch new KiwiSaver offer

[UPDATED] Former Tower Investments boss Sam Stubbs is staying tight-lipped about his latest venture, but Good Returns understands it is a fee-based KiwiSaver scheme.

Friday, May 20th 2016, 4:00PM

by Susan Edmunds

He is the sole shareholder of a new company, Simplicity NZ, which has been given a managed investment scheme licence by the Financial Markets Authority.

Stubbs has been away from the financial services industry for three years.

In June 2014 he outlined ideas of a new KiwiSaver scheme at the Institute of Financial Advisers conference. Good Returns understands he wants to distribute his new product via fee-only advisers. This is in contrast to providers like Generate and Grosvenor who pay advisers upfront and trail commission on their products.

Generate has been pushing its remuneration model at conferences and recently cracked the $200 million funds under management mark. While it took the firm a number of years to get the first $100 million in FUM the second $100 million has come in eight months,

Stubbs and the rest of the Tower equities team left their roles when Tower Investments was bought by Fisher Funds in 2013.

Former Citigroup NZ chief and Westpac general manager of business banking Mark Fitz-Gerald has also joined the Simplicity board.

While Fitzgerald and Stubbs are listed as directors of the company, only Stubbs holds shares.

Simplicity is classified as a superannuation funds business and is believed by industry participants to be planning to provide a KiwiSaver product.

Stubbs said he was not able to comment.

Tags: KiwiSaver Sam Stubbs

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