Lifetime has bought the Aon Master Trust business from Fisher Funds Management. Fisher only acquired this business last year as part of its purchase of Aon's KiwiSaver scheme.
Lifetime managing director, Ralph Stewart, says the acquisition is a natural progression for Lifetime and will help create a pipeline of business for its retirement income product.
"The acquisition is a natural progression for Lifetime, helping employees both save for retirement and then transition their savings into an income for life.
“This is a significant transaction for Lifetime lifting total funds under management to $450 million while providing the opportunity to extend its existing retirement income products to the work place savings market of $8 billion."
"The Master Trust market has consolidated and presents the opportunity to provide employers with innovate and comprehensive employee benefits solutions the include both pre and post retirement solutions.”
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