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Review of the KiwiSaver Fund Manager Market Dynamics and Allocation of Assets

Publication Details

  • Review of the KiwiSaver Fund Manager Market Dynamics and Allocation of Assets
  • Published: 15 Sep 2015
  • Status: Current
  • Authors: The Treasury; Heuser, Andreas; Kwok, Jack; Snethlage, Daniel; Watts, Dillon
  • Pages: (2),i-ii,1-94
  • ISBN: 978-0-908337-06-4 (Online)
  • Pub. type: Treasury Papers
 

Review of the KiwiSaver Fund Manager Market Dynamics and Allocation of Assets

Published 16 Sep 2015
Page updated 30 Jun 2016

Authors: Andreas Heuser, Jack Kwok, Daniel Snethlage and Dillon Watts

Abstract

Kiwisaver has grown at a rapid rate since its introduction and makes up a growing share of household financial assets. This review sets out to make observations about the competitiveness and efficiency of the market for fund managers in addition to documenting the asset allocation and performance of the scheme as a whole. This report will form an analytical basis for future policy advice on KiwiSaver settings and the fund manager market.

Some of the tabular data is only available as images.  The Treasury can supply HTML versions on request to information@treasury.govt.nz

Erratum September 2015: A previous version of this paper included incorrect information on the returns to the Government Superannuation Fund (page 62) and included an inaccurate statement about the investment horizon and mandate of that fund (page 68). These have now been corrected.

Erratum June 2016: A previous version of this paper contained text in the Executive Summary (page 1) which did not accurately reflect the data presented on international fee comparisons (page 46).

Contents

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Executive Summary

1 Background and Motivation

2 Policy Settings and Interventions

3 KiwiSaver in Context of the New Zealand Economy

4 Economic Efficiency and Competitiveness of Fund Manager Market

5 KiwiSaver Investment Performance and Asset Allocation Review

6 Conclusion

References

Appendix 1

Appendix 2: Regression analysis of fund flow

Appendix 3: Regression analysis of fees

Appendix 4: KiwiSaver provider profitability

tp-kiwisaver.pdf (1,069 KB) pp. (2), i-ii, 1-95
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