KiwiWealth officially for sale
Kiwi Group Holdings officially confirms its funds management business is on the market.
Tuesday, March 8th 2022, 10:59AM
KGH says, in a statement, it is exploring "opportunities to position Kiwi Wealth for the future".
It says this is being done to "to continue to grow and unlock value for its current owners, including the potential sale of the asset."
Kiwi Wealth, the former Gareth Morgan Investment business, was acquired by KGH in 2012, adding to its group of wholly owned subsidiaries, which includes Kiwibank.
KGHL chair Paula Rebstock says Kiwi Wealth has performed strongly over recent years and KGHL values its contribution to the Group, but the time is right to test market interest to best position both Kiwi Wealth and KGHL for the future.
“While there is no predetermined outcome to this process and the status quo remains an option, it is prudent to consider potential buyer interest especially from those that are committed to building the scale and specialisation in investment management services that ultimately benefits customers,” she says.
KGHL has appointed Goldman Sachs to lead the process of assessing possible options for the sale of Kiwi Wealth.
“In the meantime, it’s business-as-usual at Kiwi Wealth and our focus will continue to be on providing competitive KiwiSaver and wealth management services, and delivering results for our customers,” Kiwi Wealth chief executive Rhiannon McKinnon says.
Kiwi Group Holdings is owned by New Zealand Post (which holds a 53% stake), the New Zealand Superannuation Fund (25%) and the Accident Compensation Corporation (22%).
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