KiwiSaver continues investor mastery
BY KRIS HALL
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KiwiSaver continues to dominate the New Zealand "ma-and-pa" investment scene, with the voluntary savings scheme the only investment category to score positive net fund flows for money managers in the September quarter.
Formed in an attempt to reverse New Zealand's apathy to saving for retirement, the fledgling scheme has more than fulfilled its role.
At the end of November, more than $4.5 billion was spread through out 1.25 million personal accounts.
In the September quarter alone KiwiSaver funds under management jumped nearly 40 per cent, according to figures compiled by retirement specialist Eriksen & Associates, with net inflows topping $945m.
Some of the gloss was taken off, however, by net losses across all other retail investment sectors. The pot for alternative superannuation funds fell $30m, insurance and investment bonds slipped $19m and unit trusts and managed funds haemorrhaged a whopping $215m.
- © Fairfax NZ News
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