Westpac KiwiSaver picks up new members
Westpac saw its KiwiSaver FUM fall in the most recent financial year, but it picked up many new members.
Tuesday, November 8th 2022, 10:51PM
Westpac KiwiSaver Scheme funds under management decreased 3% in the 12 months to September 30.
At balance date total FUM was $8.9 billion.
Chief executive Catherine McGrath says that predominantly reflected what happened in the financial markets.
The bank picked up an extra 37,000 KiwiSaver members through the default provider status review.
The average balance of those new members was $10,000, meaning it picked up an additional $370 million in funds under management.
“Beyond the market movement, this has been a big year for the KiwiSaver team," McGrath says. "We’re delighted that the manager of the Westpac KiwiSaver Scheme, BT Funds Management, has been named a Responsible Investment Leader for 2022 by the Responsible Investment Association Australasia.".
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