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Fisher Funds - 'not a cut-price fund manager'

Fisher Funds chief executive Bruce McLachlan says he is both surprised and disappointed they could not retain their default provider status.

Friday, May 14th 2021, 2:03PM

by Daniel Smith

Fisher Funds' Bruce McLachlan.

“We are surprised because our track record of providing outstanding value to clients is unquestionable. We have performed a hell of a lot better than everyone at being a default provider and the evidence shows that.

“We were disappointed for our clients because we know that it is likely that they will get an inferior outcome.”

McLachlan has a word of warning to the new default providers.

“Let me tell you it is not easy to be a default provider. It is challenging to contact and support clients and you have to be able to do that at scale. You can’t do it for nothing.”

McLachlan is concerned former Fisher Fund default members may be getting a raw deal.

“From a Fisher Funds perspective, we are concerned that clients who are going to be transferred out from us are ultimately not going to get a better outcome.”

Ultimately, McLachlan says if the government is to focus solely on low fees then Fisher Funds are happy to bow out.

“The government has chosen to go for others clearly for price-based reasons. We stand by the value that we deliver for our clients and remain committed to KiwiSaver.”

“We are a value for money fund manager, not a cut-price fund manager.”

RELATED STORIES

Five KiwiSaver providers lose default status; Two new ones appointed

Axed KiwiSaver funds haven't done a good job

Tags: Bruce McLachlan default funds Fisher Funds KiwiSaver

« Axed KiwiSaver funds haven't done a good jobKiwiSaver shake up not just about fees »

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Lender Flt 1yr 2yr 3yr
AIA 4.55 ▲2.85 ▲3.25 3.55
ANZ 4.44 ▲3.20 ▲3.59 ▲4.00
ANZ Blueprint to Build 1.68 - - -
ANZ Special - ▲2.60 ▲2.99 ▲3.40
ASB Back My Build 1.79 - - -
ASB Bank 4.45 ▲2.85 ▲3.25 3.55
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▲2.85 ▲3.25 ▲3.55
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.55 ▲3.45 ▲3.85 ▲4.15
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.25 1.85 2.35 2.65
Heretaunga Building Society 4.99 3.80 3.90 -
Lender Flt 1yr 2yr 3yr
HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.35 2.75 3.05
Kainga Ora 4.43 2.88 3.28 3.59
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 3.50 3.74 4.34
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 2.65 2.89 3.49
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
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Pepper Essential 4.79 - - -
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SBS Bank Special - 2.49 2.89 3.09
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The Co-operative Bank - Owner Occ 4.40 2.55 2.95 3.39
The Co-operative Bank - Standard 4.40 3.05 3.45 3.89
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TSB Special 4.54 2.55 ▲2.95 ▲3.25
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Westpac 4.59 ▲3.45 ▲3.85 4.09
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Median 4.54 2.92 3.25 3.49

Last updated: 20 September 2021 8:55am

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