New managed fund offering targets savers

A new managed fund spearheaded by an ex-Fisher Funds manager aims to offer savers an alternative to banks promising retail access to wholesale rates.

“New Zealanders have been missing out on billions of dollars in interest every year through essentially having their money in these really low interest bank accounts,” says Wedge Managing Director David McLeish, who was head of fixed income at Fisher Funds until his departure last year.

“If they could even have just been earning the Official Cash Rate on those savings, New Zealanders, last year alone would have saved $3 billion.”

McLeish is one of four founders of Wedge Management, alongside brother Andrew McLeish, and other Fisher Funds alumni Angela Quirk and Lyle McKnee. The company is set to launch its Wedge Savings Fund in the next few weeks. The offering is a managed fund which invests in wholesale cash and high quality fixed income assets with returns paid for by the interest generated. The fund will offer a daily set rate of return and offer on-call access.