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ANZ fee reduction praised

Morningstar analysts have given their stamp of approval to a reduction in ANZ KiwiSaver fees.

Friday, September 30th 2016, 4:50PM

The rating house has given the bank’s KiwiSaver funds a silver rating.

Analyst Elliot Lucas said the depth and tenure of the ANZ investment team was unmatched among KiwiSaver providers, although investment analyst Alan Clarke and senior capital markets manager Stuart Millar would benefit from more analyst support.

“ANZ takes a long-term view in the strategic positioning of its portfolios, which is the key driver of performance, although the team looks to add value through short-term tactical positioning, currency hedging, and stock selection. While they won’t be perfect, the team has proved that they can get these calls right more often than not. For instance, overweightings in domestic and international equities from 2012 to 2015 propelled returns as ANZ featured among the top performers.”

Lucas said an above-average fee had tempered Morningstar's view of ANZ as a KiwiSaver option in the past but the reduction had brought it into line with its peers. “All told, this is amongst the best KiwiSaver schemes on offer to investors.”

ANZ’s head of product – funds and private bank, Grant Hodder, welcomed the rating. He said ANZ had reduced its total expense ratio for the ANZ KiwiSaver conservative fund by 20% since 2009.

“These savings are largely arising from greater economies of scale as the fund balances grow.   It’s also good to see that Morningstar has noted that these benefits are flowing to members.”

Tags: ANZ

« KiwiSaver providers consider private investmentsProviders bemoan KiwiSaver guidance »

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ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
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Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
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Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
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HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
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Kiwibank 5.80 ▼4.14 ▲4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.39 ▲3.55 3.89
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Napier Building Society - - - -
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Pepper Money Near Prime 5.64 - 5.44 5.44
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Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
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