QuayStreet and Generate prominent in Morningstar’s latest KiwiSaver results

The overall tone for the quarter was cautious optimism, while inflation was a concern, global growth prospects improved, and global equity markets delivered strong returns, particularly for unhedged holdings due to the weaker NZ dollar, says Morningstar director global fund data Greg Bunkall.

The five biggest providers, ANZ, Fisher, ASB, Westpac and Milford accounted for 68% of assets and 69% of the $849m generated in fees. The average annual fee was around 0.78%.

Average asset allocation was 40.7% income and 59.3% growth, compared to 42.9% income and 57.1% growth for the previous quarter.

ANZ retained its usual position as the biggest provider with $20.4 billion in assets but at 18.8%, its market share declined from 19.5% the previous quarter. Fisher at second place with ($16.67b) stayed the same with 15.4% market share over the last two quarters. Nipping at Fisher’s heels, ASB was again third ($16.64b) but closed the gap, increasing its market share to 15.3% up from 15.1% at the end of 2023.