Hive chief executive Sharon Mackay says the change reflects its strategy to build an integrated, advice-led platform combining financial advisers, specialist investment managers and technology.
A key part of the revamp is the addition of three third-party investment managers – Harbour Asset Management, Munro Partners and Pie Funds – alongside incumbent manager Aurora Capital.
Independent investment consultancy Makao Investments was brought in by Hive to conduct due diligence on the incoming investment managers as part of the expansion.
The new manager line-up gives advisers and members access to a wider range of investment styles, while the expanded offering adds six investment options, taking the scheme to nine funds and two strategies.
The six new options are the Hive Harbour Balanced Fund, Hive Harbour Growth Fund, Hive Pie Growth Fund, Hive Aurora Aggressive Fund, Hive Pie Aggressive Fund and Hive Munro Global Growth Climate Leaders Fund.
Mackay says the changes are designed to give advisers greater choice for their clients.
“The evolution to the Hive KiwiSaver Scheme reflects our broader strategic ambition: to build an integrated, advice-led platform,” Mackay says.
“It gives advisers real choice for their clients, backed by genuine specialist expertise.”
Hive is also launching new client and adviser portals, bringing goal setting and tracking, balance and performance information, FAP details and plan changes into one place. The platform also provides guardian oversight for linked children’s accounts.
Chief client officer Marcus Wild says Hive wants to put financial advice at the centre of KiwiSaver decision-making.
“KiwiSaver is often the biggest investment decision a New Zealander will make, and too many are making it alone. Hive exists to change that,” Wild says.
“We are putting advisers, and the advice they deliver, at the heart of how Kiwis grow their retirement savings and get into their first home.”
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