| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 10 November 2022 |
| Pathway(s) | Significant business assets only National Interest assessment |
| Investment | Acquisition of 100% of the shares in Kiwi Wealth Management Limited |
| Consideration | $310,000,000 |
| Applicant | Fisher Funds Management Limited New Zealand (66.01%) United States of America (23.37%) Various (10.62%) |
| Vendor | Kiwi Group Holdings Limited New Zealand (100%) |
| Background | Fisher Funds Management Limited (the Applicant) is a majority New Zealand owned specialist investment manager with approximately $14.6 billion funds (as at 31 March 2022) under management on behalf of a wide range of New Zealand clients. The Applicant has been granted consent to acquire 100% of the shares in Kiwi Wealth Management Limited, under the terms and conditions set out in the share sale agreement between the Applicant and Kiwi Group Holdings Limited (KGHL) dated 11 August 2022. KGHL is one of the holding companies for the Kiwi Wealth Group, a wealth and investment organisation which manages investment products including the Kiwi Wealth KiwiSaver scheme, Managed Funds, Super Scheme and Private Portfolio Services. The Applicant was selected by KGHL following a competitive bid process. The OIO is satisfied the investor test has been met. The deciding Minister has decided that the investment is not contrary to New Zealand’s national interest. |
| More information | Lance Jones Russell McVeagh (Auckland) PO Box 8 Auckland 1140 |
See the attached assessment report linked below, which was published in response to an Official Information Act request:
Overseas Investment Assessment Reports relating to Fisher Funds Management Limited