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3.2 KiwiSaver providers

Since inception in 2007, there has been significant consolidation in the KiwiSaver provider market. There have also been new entrants to the market. The providers with default fund options have dominated the market in terms of both members and AUM, although there is one provider in the top five by AUM that was not a default from 2007-2014 (Westpac - which became a default provider from 1 July 2014).

Figure 11 below displays each provider's total AUM growth since 2007. The M&A activity in the market is also visible, such as AMP's acquisition of AXA and Fisher Funds' takeover of Tower in 2013. As of June 2014, using Morningstar data which excludes GMI/Kiwibank, the six largest KiwiSaver providers controlled 93% of the total assets under management:

Figure 11: KiwiSaver AUM market share per provider 2007-2014
Figure 11: KiwiSaver AUM market share per provider 2007-2014.
* Linearly interpolated based on annual data.
Source: Morningstar quarterly reports (excludes Kiwibank/Gareth Morgan Investments)
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