TSB Bank buys 26pc share of Fisher Funds

Last updated 11:32 26/02/2013

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Taranaki's TSB Bank has today made moves to further extend its iconic brand and market share.

New Zealand's only locally owned Bank has bought a 26 per cent share in wealth management high-flyer Fisher Funds.

Today's news follows the announcement of Fisher Funds' purchase of Tower Investments' KiwiSaver and wealth management portfolios.

Fisher will have more than $5 billion under funds management and will be New Zealand's fifth largest KiwiSaver provider following the buy.

TSB Bank chief executive Kevin Murphy buy reflected the bank's ongoing quest to meet the changing financial needs and expectations of customers.                                                                                             
"Wealth management and retirement savings in particular have become increasingly important to New Zealanders. While we have some involvement in the KiwiSaver market now, this partnership will allow us to broaden the benefits we can provide to our customers."

Fisher Funds boss Carmel Fisher said she was delighted to have joined forces with the Bank.

"In seeking a partner to join us in this acquisition, TSB Bank was an obvious choice. We both have a commitment to high quality service, we're both locally owned and we are both nimble with a  history of being entrepreneurial."

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- © Fairfax NZ News

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