Kernel grown from plucky start-up to a genuine disruptor

Kernel Wealth has cracked the $5 billion funds under management mark, but is still to turn a profit as it balances growth opportunities.

Chief executive Dean Anderson says his firm is gaining about $300 million of deposits a month currently and that Kernel is claiming one in eight KiwiSaver transfers a month, confirming that the switching rate is running at record levels.

Anderson attributes this to people becoming more aware of their options and of financial markets generally.

Kernel’s FUM reached $3.5 billion at March 31, up from $1.7 billion a year earlier and has now grown to more than $5 billion.