The combination of the Fisher Funds and Huljich KiwiSaver businesses will result in more than 100,000 members and $400m in assets.
The deal, which requires approval by the government actuary, will make the Fisher Funds KiwiSaver Scheme one of the largest non-default schemes in the country with a New Zealand owned KiwiSaver provider.
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Fisher is acquiring a combination of the Huljich fund’s liquid assets and cash in lieu of acquiring some illiquid New Zealand shares and property assets.
Fisher Funds managing director Carmel Fisher said they are delighted to have the opportunity to welcome members of the Huljich KiwiSaver scheme into their own. Their two schemes have similar goals and both organizations have shared a passion for KiwiSaver and a desire to give their members the best possible service and communication.
In November the Securities Commission laid criminal charges against Huljich Wealth Management and Peter Huljich, alleging they misled investors by misrepresenting the investment performance of the scheme’s funds in offer documents.
The commission also alleged Peter Huljich made untrue statements in the documents and failed to disclose related party payments.
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By GlobalDataFisher said the charges were likely to be a significant factor in Huljich selling out.
Another fund manager who looked at the Huljich deal was Gareth Morgan Investments.
