Back to top anchor
Treasury paper

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

Issue date: 
Tuesday, 15 September 2015
Corporate author: 
View point: 
Publication category: 
Fiscal year: 


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 [email protected]

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).

Last updated: 
Thursday, 30 June 2016