Power to replace McLachlan as Fisher chief Investment News

Former National Party Commerce Minister, Simon Power, will replace Bruce McLachlan as Fisher Funds chief next year.

In a release this afternoon, Fisher chair, David Clarke, said Power would join the $17 billion plus manager “as we complete the full integration of Kiwi Wealth and as we look to the future, leveraging Fisher Funds’ expanded capability to deliver increased value to the retirement savings of over half a million New Zealanders”.

Clarke said McLachlan, who replaced Carmel Fisher as CEO of the Takapuna-based manager in 2017, would officially wrap up a seven-year term in February next year.

The departing CEO had “grown to be the second-largest KiwiSaver provider in New Zealand”

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“Bruce has also overseen acquisitions, including Kiwi Wealth in 2022,” Clarke said.

“It has been a privilege to lead Fisher Funds and I am proud of the team and the exceptional service they provide to our clients,” McLachlan said.

After his political career, Power spent 10 years at Westpac in senior executive roles before taking up the job as head of TVNZ.