Higher fee KiwiSaver managers delivering superior returns

Analysis by consulting actuaries Melville Jessup Weaver (MJW) showed Milford Asset Management pocketed the most fees per member in the year ended March at $921 when most providers received less than $500.

Fisher Funds, one of the providers that will lose default fund status from Dec 1, received $500 per member.

However, the best returning funds after fees in the five years ended March have been those managed by Milford, which has never been a default provider, and Fisher.

Over 10 years, "the standout performer over this period is Milford, with its growth fund returning 13.5% per annum after fees. In fact, Milford's balanced fund has outperformed other large providers' growth funds," MJW's analysis showed.