Top five KiwiSaver providers continue market share jostle

Morningstar’s 2024 Q2 survey of 21 KiwiSaver providers comparing 296 products, estimates annual fee revenue for the quarter at $869 million, up from $779m in the past 12 months, with a projected annual fee revenue of 0.78%. The five largest KiwiSaver providers accounted for approximately 68% of AUM and generated around 69% of the fees.

With 18.7% of the market, ANZ continued to lead with more than $20.7b AUM but was down from 20.2% for the same quarter last year. The biggest of the four banks also topped estimated fee revenue  of $169.8m.

Fisher Funds and ASB pulled into the next two spots in almost a dead heat with 15.1% market share on assets of $16.8b each. Due to rounding Morningstar placed Fisher second and ASB in third place. Fisher outdid ASB for fee revenue with $160.1m compared to $100.3m.

Westpac took the next biggest slice of the market, 10% ($11b AUM), but was relatively low on the fee table - eighth place at $50.3m. Meanwhile Milford with 8.9% market share ($89.6b) came in third with fee revenue of $102.2m.