Fisher cuts head of Kiwi Wealth as consolidation arrives

Fisher Funds has confirmed that Kiwi Wealth Chief Executive Officer Rhiannon McKinnon and three other senior executives will liquidate their management team in the coming months.

In addition to McKinnon, senior Kiwi Wealth executives include: His Steffan Berridge, Chief Investment Officer. Morne Redgard, Chief Customer Officer. His chief technology officer, Craig Ward, said:

Bruce McLachlan, chief of Fisher Funds, will assume responsibility for the combined business, and Takapuna-based manager Ashley Gardine, chief investment officer, will also assume the same role across Kiwi Wealth’s assets.

of new management In addition to new Chief Financial Officer Andrew Donaldson, it also includes other existing Fishers and a handful of KiwiWealth executives.

Donaldson joined Fisher in January of this year, replacing Jody Kay, who transitioned into full-time Kiwi Wealth integration under the codename “Project Tahi.” Sharon McKay, Fisher’s Head of Distribution, will also work with Kay on Project Tahi.

Fisher acquired Kiwi Wealth for $310 million last November, flagging a previously government-owned investment and plans to integrate the KiwiSaver provider into its existing business.

“We have begun the process of integrating the operations of Kiwi Wealth and Fisher Funds, starting with a change in the management of Kiwi Wealth,” Fisher Note said.

Despite the widely expected top-level cuts announced this week, McLachlan said Fisher will retain many of Kiwiwealth’s employees and maintain a “significant presence” in Wellington.

He said Fisher will likely replace the Kiwi Wealth brand by the end of the year, but most of the products (especially the KiwiSaver scheme) will remain, although there will be some underlying investment consolidation.

“We also see opportunities to modernize our infrastructure. [Kiwi Wealth] We will provide private portfolio services and expand what it offers, including to Fisher’s clients,” said McLachlan.