Ex MP named as new Fisher Funds chief executive

Fisher Funds CEO Bruce McLachlan has announced he is retiring and is being replaced by an ex-banker.

Monday, November 13th 2023, 2:08PM

Former banking executive, National Party minister and and TVNZ chief executive Simon Power, will become Fisher Funds Management CEO next year.

McLachlan has spent nearly seven years as CEO and has a 43-year career in the financial services industry overall, having started as an intern at the Reserve Bank.

Power was most recently CEO at TVNZ, and prior to that spent 10 years at Westpac NZ, including as acting CEO. He was the Minister of Commerce, Justice, State-Owned Enterprises, Consumer Affairs and Associate Minister of Finance under former Prime Minister Sir John Key.

Fisher Funds chairman, David Clarke, says, “McLachin has made a significant contribution to the firm. He was the first non-founder CEO of the company, and under his leadership, Fisher Funds has grown to be the second-largest KiwiSaver provider. He has also oversaw the acquisition of Kiwi Wealth last year.

“Bruce has led Fisher Funds through a strong period of growth and has remained steadfastly committed to exceptional client service and strong, long-term returns. Under his leadership Fisher Funds has continued to win recognition with successive independent awards for customer service, trust, and value,” says Clarke.

Clarke says Power is joining the business as it complete the full integration of Kiwi Wealth and as it looks to the future, leveraging Fisher Funds’ expanded capability to deliver increased value to the retirement savings of over half a million New Zealanders.

Simon Power says, “I am committed to continuing the legacy Fisher Funds has created of maintaining and growing the wealth of New Zealanders and putting the interests of our investor clients front and centre."

Tags: Fisher Funds