# New Zealand Assets Under Management Market Size, Share & Forecast, By Product Type, Customer Segment & Institution Type, 2025-2032

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## Market Overview

# CHAPTER 1 - Market Overview

The New Zealand Assets Under Management Market is built around pooled retirement savings, retail investment funds, wholesale mandates and discretionary portfolios. Demand is increasingly recurring rather than transactional: almost **3.4 million KiwiSaver members represented 63.5% of the population in the year to March 2025**. This broad contribution base improves asset-manager revenue visibility and supports scalable administration, investment and advice platforms. 

Auckland functions as the principal commercial hub for the industry's bank-owned, independent and digital managers, with eight of the ten major companies profiled in this report headquartered or principally operated there. Nationally, the FMA's licensed-provider directory identifies **66 managed investment scheme licensees**, indicating meaningful competition beneath a concentrated group of large managers. Scale therefore matters for investment capability, distribution and technology economics. 

Regulatory entry is structured around the Financial Markets Conduct framework. **All managers of registered managed investment schemes, except restricted schemes, must be licensed and have a licensed supervisor**, while KiwiSaver managers face additional obligations. This increases governance and compliance costs but creates a common operating standard that favors managers able to spread regulatory, custody, reporting and risk-management expenditure across larger asset pools. 

Portfolio internationalization is a defining structural feature. At December 2025, **54.1% of consolidated managed-fund assets were invested overseas**, while KiwiSaver's overseas allocation was approximately **61.1%**. The market therefore combines domestic savings accumulation with global securities exposure, making asset allocation, currency management, external-manager selection and access to international investment products increasingly important competitive capabilities. 

## KPIs at a Glance

* Market Value: USD 214,976 million (2025)
* Dominant Region: Auckland (2025)
* Dominant Segment: KiwiSaver Funds (fastest growing)
* Total Number of Players: 66

## Future Outlook

The New Zealand Assets Under Management Market is projected to expand from USD 214,976 million in 2025 to USD 349,747 million by 2032, representing a 7.20% CAGR. This is below the modeled 10.3% historical CAGR for 2020-2025, reflecting a substantially larger asset base and increasing retirement withdrawals. Nevertheless, recurring KiwiSaver inflows remain structurally supportive. The default employee and matching employer contribution rate increased to 3.5% on 1 April 2026 and is scheduled to increase to 4% on 1 April 2028, creating a measurable contribution-flow uplift. 

By 2031, the modeled market reaches USD 326,256 million before advancing to the USD 349,747 million terminal projection in 2032. Growth should increasingly shift toward KiwiSaver growth strategies, direct digital platforms, independent managers and globally diversified portfolios. Competitive economics will be shaped by fee compression, operational automation and retention of member flows rather than market performance alone. The 2025 KiwiSaver system recorded contributions equivalent to approximately USD 7.06 billion at the report's fixed FX translation, while manager fees remained around 0.7% of KiwiSaver funds under management. 

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| --- | --- |
| **7.20%** Forecast CAGR (2025-2032) | **$349,747 Mn** 2032 Projection |

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| | | | |
| --- | --- | --- | --- |
| Base Year **2025** | Historical Period **2020-2025** | Forecast Period **2025-2032** | Historical CAGR **10.3%** |

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## Scope of the Report

# CHAPTER 2 - Scope of the Market

* **Geographic Coverage:** New Zealand
* **Historical Period:** 2020-2025
* **Base Year:** 2025
* **Forecast Period:** 2025-2032 (base year inclusive)
* **Market Segments Covered:** 7 primary segmentation dimensions (Product Type, Customer Segment, Distribution Channel, Institution Type, Revenue Model, Risk Category, Geography)
* **Companies Covered:** Top 10 key players profiled
* **Currency & Units:** USD, values expressed in USD Mn/Bn

### Segmentation Data Tree

* Product Type
 + KiwiSaver Funds
 - Default and Conservative Funds
 - Balanced and Growth Funds
 + Retail Managed Funds
 - Multi-Asset Funds
 - Single-Asset Funds
 + Wholesale Investment Funds
 - Institutional Pooled Funds
 - Wholesale Unit Trusts
 + Individually Managed Portfolios
 - Private Wealth Mandates
 - Institutional Mandates
* Customer Segment
 + Mass-Market Retail Investors
 - Automatic KiwiSaver Members
 - Self-Directed Retail Investors
 + Affluent and High-Net-Worth Investors
 - Affluent Households
 - Private Wealth Clients
 + Institutional Investors
 - Corporate and Trust Investors
 - Charitable and Foundation Investors
 + Employer-Sponsored Members
 - Workplace KiwiSaver Members
 - Employer Superannuation Members
* Distribution Channel
 + Bank-Owned Channels
 - Branch and Relationship Channels
 - Bank Digital Channels
 + Direct Digital Platforms
 - Mobile Investment Platforms
 - Direct Web Platforms
 + Financial Adviser Networks
 - Independent Advisers
 - Integrated Advice Networks
 + Workplace and Payroll Channels
 - Employer Enrollment
 - Payroll Contribution Channels
* Institution Type
 + Bank-Owned Fund Managers
 - Major-Bank Managers
 - Bank Wealth Subsidiaries
 + Independent Asset Managers
 - Diversified Independent Managers
 - Retirement-Savings Specialists
 + Digital-First Investment Platforms
 - Robo-Assisted Platforms
 - Low-Cost Direct Platforms
 + Specialist and Boutique Managers
 - Active Specialist Managers
 - Alternative Investment Managers
* Revenue Model
 + Asset-Based Management Fees
 - Percentage-of-AUM Fees
 - Tiered AUM Fees
 + Performance Fees
 - Benchmark-Outperformance Fees
 - Absolute-Return Fees
 + Advice and Platform Fees
 - Adviser Service Fees
 - Investment Platform Fees
 + Administration and Custody Fees
 - Scheme Administration Fees
 - Custody and Reporting Fees
* Risk Category
 + Conservative
 - Cash-Oriented Funds
 - Defensive Multi-Asset Funds
 + Balanced
 - Balanced Diversified Funds
 - Moderate Growth Funds
 + Growth
 - Growth Multi-Asset Funds
 - Equity-Weighted Funds
 + High Growth and Specialist
 - High-Growth Equity Funds
 - Sector and Alternative Funds
* Geography
 + Auckland
 - Central Auckland Financial Hub
 - North Shore Investment Cluster
 + Wellington
 - Institutional Investment Hub
 - Government-Linked Financial Cluster
 + Canterbury
 - Christchurch Wealth Market
 - Regional Adviser Networks
 + Rest of New Zealand
 - Other North Island Markets
 - Other South Island Markets

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## Market Trajectory

# New Zealand Assets Under Management Market Size, Share & Forecast, By Product Type, Customer Segment & Institution Type, 2025-2032

**Geography:** New Zealand | **Study Period:** 2020-2032 | **Base Year:** 2025 | **Forecast Period:** 2025-2032

The New Zealand Assets Under Management Market reached **USD 214,976 million in 2025**, anchored by compulsory and voluntary retirement saving, retail managed funds, wholesale mandates and individually managed portfolios. KiwiSaver participation of almost **3.4 million members, equivalent to 63.5% of the population in 2025**, provides a recurring flow base for asset managers. 

## Report Metadata Summary

| | |
| --- | --- |
| **Base Year** | 2025 |
| **CAGR for Past 5 Years** | 10.3% (2020-2025) |
| **Historical Period** | 2020-2025 |
| **Forecast Period** | 2025-2032 |
| **Forecast Period CAGR** | 7.20% (2025-2032) |

# CHAPTER 3 - Market Size, Growth Forecast and Trends

This section evaluates the historical market size, analyzes year-over-year growth dynamics, and presents forecast projections supported by market performance indicators and demand-side drivers.

### Historical and Projected Market Size

| Year | Market Size (USD Mn) |
| --- | --- |
| 2020 | 131,978 |
| 2021 | 152,915 |
| 2022 | 144,818 |
| 2023 | 156,984 |
| 2024 | 187,837 |
| 2025 | 214,976 |
| 2026F | 230,454 |
| 2027F | 247,047 |
| 2028F | 264,834 |
| 2029F | 283,902 |
| 2030F | 304,343 |
| 2031F | 326,256 |
| 2032F | 349,747 |

### YoY Growth Rate

| Year | YoY Growth (%) |
| --- | --- |
| 2021 | 15.9% |
| 2022 | -5.3% |
| 2023 | 8.4% |
| 2024 | 19.7% |
| 2025 | 14.4% |
| 2026F | 7.2% |
| 2027F | 7.2% |
| 2028F | 7.2% |
| 2029F | 7.2% |
| 2030F | 7.2% |
| 2031F | 7.2% |
| 2032F | 7.2% |

### Market Value vs Volume Growth

| Year | Market Value Growth (%) | KiwiSaver Member Growth Proxy (%) |
| --- | --- | --- |
| 2020 | - | - |
| 2021 | 15.9% | - |
| 2022 | -5.3% | - |
| 2023 | 8.4% | - |
| 2024 | 19.7% | 2.5% |
| 2025 | 14.4% | 1.5% |
| 2026 | 7.2% | 1.5% |
| 2027 | 7.2% | 1.5% |
| 2028 | 7.2% | 1.4% |
| 2029 | 7.2% | 1.4% |
| 2030 | 7.2% | 1.4% |
| 2031 | 7.2% | 1.3% |
| 2032 | 7.2% | 1.3% |

### Historical Market Performance (2020-2025)

The historical cycle combined structural savings accumulation with material valuation volatility. The modeled market reached a cyclical trough in 2022, contracting 5.3% after strong 2021 performance, before recovering 8.4% in 2023. Growth accelerated to 19.7% in 2024 and remained strong at 14.4% in 2025. RBNZ revisions increased reported assets for parts of 2022-2025, while the 2025 KiwiSaver report recorded a 10.1% annual increase in scheme assets, confirming broad recovery across household retirement savings. 

### Forecast Market Outlook (2025-2032)

The forecast assumes a normalized 7.20% annual expansion through 2032, producing a terminal value of USD 349,747 million. Growth is supported by higher KiwiSaver contribution settings, continued movement toward growth-oriented portfolios and stronger digital distribution. The rate is intentionally below the 2020-2025 historical CAGR because the asset pool is larger and withdrawals are rising as members age. KiwiSaver contribution defaults moved to 3.5% in 2026 and are scheduled to reach 4% in 2028, reinforcing recurring net inflow capacity.

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## Market Breakdown

# CHAPTER 4 - Market Breakdown

The market's growth profile is increasingly determined by the interaction between KiwiSaver penetration, global portfolio allocation and recurring contribution flows. These indicators matter strategically because they influence fee pools, investment capability requirements and the scale economics available to competing managers.

| Year | Market Size (USD Mn) | YoY Growth (%) | KiwiSaver Share of Gross FUM (%) | KiwiSaver Members (Mn) | Overseas Asset Share (%) | Period |
| --- | --- | --- | --- | --- | --- | --- |
| 2020 | 131,978 | - | - | - | - | Historical |
| 2021 | 152,915 | 15.9% | - | - | - | Historical |
| 2022 | 144,818 | -5.3% | - | - | - | Historical |
| 2023 | 156,984 | 8.4% | - | - | - | Historical |
| 2024 | 187,837 | 19.7% | 39.3% | 3.34 | - | Historical |
| 2025 | 214,976 | 14.4% | 38.5% | 3.39 | 54.1% | Base Year |
| 2026 | 230,454 | 7.2% | 39.0% | 3.44 | 54.6% | Forecast and Latest Operating KPIs |
| 2027 | 247,047 | 7.2% | 39.5% | 3.49 | 55.1% | Forecast and Industry Outlook |
| 2028 | 264,834 | 7.2% | 40.1% | 3.54 | 55.7% | Forecast and Industry Outlook |
| 2029 | 283,902 | 7.2% | 40.6% | 3.59 | 56.2% | Forecast and Industry Outlook |
| 2030 | 304,343 | 7.2% | 41.1% | 3.64 | 56.7% | Forecast and Industry Outlook |
| 2031 | 326,256 | 7.2% | 41.5% | 3.68 | 57.1% | Forecast and Industry Outlook |
| 2032 | 349,747 | 7.2% | 42.0% | 3.73 | 57.5% | Forecast and Industry Outlook |

**KPI 1, KiwiSaver Share of Gross FUM:** **38.5% (December 2025, New Zealand)**. KiwiSaver is the industry's most scalable recurring-flow pool and materially influences manager economics. RBNZ reported KiwiSaver assets equivalent to 38.5% of the gross managed-funds stock. 

**KPI 2, KiwiSaver Members:** **3.4 million members (March 2025, New Zealand)**. Participation equals roughly 63.5% of the population, creating a broad recurring savings base that favors platforms with low servicing costs and strong retention. 

**KPI 3, Overseas Asset Share:** **54.1% (December 2025, New Zealand)**. More than half of consolidated assets are invested overseas, increasing the strategic importance of international manager access, asset-allocation capability and currency-risk management. 

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## Market Segmentation

# CHAPTER 5 - Market Segmentation Framework

Comprehensive analysis across key dimensions providing insights into market structure, consumer preferences, and distribution patterns.

| | | |
| --- | --- | --- |
| **No of Segments:** 7 | **Dominant Segment:** Product Type | **Fastest Growing Segment:** Distribution Channel |

### Segmentation Framework

| Priority | Level-1 Segment / Taxonomy Dimension | Level-2 Sub-Segments |
| --- | --- | --- |
| 1 | Product Type | KiwiSaver Funds; Retail Managed Funds; Wholesale Investment Funds; Individually Managed Portfolios |
| 2 | Customer Segment | Mass-Market Retail Investors; Affluent and High-Net-Worth Investors; Institutional Investors; Employer-Sponsored Members |
| 3 | Distribution Channel | Bank-Owned Channels; Direct Digital Platforms; Financial Adviser Networks; Workplace and Payroll Channels |
| 4 | Institution Type | Bank-Owned Fund Managers; Independent Asset Managers; Digital-First Investment Platforms; Specialist and Boutique Managers |
| 5 | Revenue Model | Asset-Based Management Fees; Performance Fees; Advice and Platform Fees; Administration and Custody Fees |
| 6 | Risk Category | Conservative; Balanced; Growth; High Growth and Specialist |
| 7 | Geography | Auckland; Wellington; Canterbury; Rest of New Zealand |

### Key Segmentation Takeaways

Comprehensive analysis across all extracted segmentation dimensions providing insights into market structure, consumer preferences, and distribution patterns.

**Product Type** - KiwiSaver Funds are the commercially dominant product pool because automatic payroll-linked contributions, employer participation and retirement-saving rules create recurring inflows. Retail managed funds and individually managed portfolios remain important profit pools, particularly for affluent investors, but KiwiSaver provides the broadest customer base and strongest structural linkage between population participation, asset accumulation and recurring percentage-of-AUM fees.

**Distribution Channel** - Direct Digital Platforms are the fastest-changing distribution model as lower-cost investment interfaces, automated onboarding and simplified portfolio selection reduce dependence on branches. Independent managers also gain reach through digital acquisition and adviser-led switching. Competitive advantage increasingly depends on customer acquisition cost, digital servicing efficiency, fund-switch retention and the ability to combine low-friction self-service with advice for higher-value customers.

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## Regional Analysis

# CHAPTER 6 - Regional Analysis

New Zealand represents a smaller domestic asset-management pool than the major Asia-Pacific wealth hubs, but its retirement-savings penetration and international portfolio orientation make it strategically advanced relative to market size. The relevant peer set includes Australia, Singapore, Hong Kong and Malaysia, combining adjacent and comparable regulated savings markets. 

### KPI Summary

* Focus Country Ranking: **5th**
* Focus Country Market Size: **USD 214,976 Mn (2025)**
* New Zealand CAGR (2025-2032): **7.20%**

| Country | Market Size | CAGR (%) | AUM-to-GDP Intensity (x) | International Asset Allocation (%) |
| --- | --- | --- | --- | --- |
| New Zealand | USD 214,976 Mn | 7.2% | 0.9x | 54.1% |
| Australia | USD 2,925,000 Mn | 6.2% | 1.6x | ~40% |
| Singapore | USD 5,210,000 Mn | 7.5% | 9.1x | 88% |
| Hong Kong | USD 5,400,000 Mn | 7.0% | 12.6x | 56% |
| Malaysia | USD 279,000 Mn | 6.5% | 0.6x | 34.5% |

### Market Position

New Zealand ranks fifth in this peer set, but its savings architecture is deep for a market of its size, with almost 3.4 million KiwiSaver members supporting recurring institutionalized flows. 

### Growth Advantage

New Zealand's modeled 7.2% CAGR exceeds the 6.2% Australian and 6.5% Malaysian benchmarks, while remaining close to the growth profile of internationally oriented Singapore and Hong Kong. 

### Competitive Strengths

New Zealand combines 54.1% overseas asset exposure, broad KiwiSaver penetration and 66 licensed MIS managers, supporting global diversification while preserving competition across bank-owned, independent and digital providers. 

Comprehensive analysis of key factors shaping the market, including growth catalysts, operational challenges, and emerging opportunities across investment management, distribution and customer segments.

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## Growth Drivers

# CHAPTER 7 - Growth Drivers, Challenges & Opportunities

Comprehensive analysis of key factors shaping the New Zealand Assets Under Management Market, including growth catalysts, operational challenges, and emerging opportunities across investment management, distribution, and customer segments.

## Growth Drivers

### Higher Mandatory KiwiSaver Contribution Settings

Contribution reform directly expands recurring savings flows, with the default employee and employer rates reaching **3.5% (2026, New Zealand)**. 

* The scheduled default rises again to **4.0% (2028, New Zealand)**, increasing payroll-linked contributions without requiring managers to acquire a new customer for each incremental dollar of AUM. 
* KiwiSaver already covers approximately **63.5% of the population (2025, New Zealand)**, giving contribution-rate changes a broad addressable base and favoring providers with strong member retention. 
* Members can choose standard employee rates up to **10% of pay (2026, New Zealand)**, supporting voluntary contribution upside beyond the statutory default and strengthening lifetime-value economics for retirement providers. 

### Recurring Retirement-Savings Flows

KiwiSaver recorded approximately **USD 7.06 billion of contributions (2025, New Zealand)**, creating a durable organic-growth engine for managers. 

* Scheme assets increased **10.1% year-on-year (2025, New Zealand)**, demonstrating that recurring inflows and investment returns can compound assets even through a difficult domestic economic environment. 
* Net investment returns contributed approximately **USD 3.70 billion (2025, New Zealand)**, reinforcing the value of portfolio performance as a second growth engine alongside member contributions. 
* Positive investment returns occurred in **8 of the previous 10 years (2025 report, New Zealand)**, supporting long-term compounding and reducing reliance on net-new customer acquisition to grow fee-bearing assets. 

### Increasing Global Portfolio Diversification

Overseas assets represented **54.1% of consolidated managed assets (December 2025, New Zealand)**, expanding demand for global investment capability. 

* KiwiSaver portfolios were even more international, with **61.1% of assets overseas (December 2025, New Zealand)**, increasing demand for global equity, debt, currency and external-manager expertise. 
* Overseas assets increased materially between June and December 2025, while the domestic market remained comparatively small, making international capacity increasingly important for portfolio scalability. **More than half of consolidated assets were offshore (2025, New Zealand)**. 
* High-growth and growth funds benefit most from global diversification because domestic equity-market capacity is limited, while investors gain access to substantially broader sector exposure through international allocations exceeding **60% within KiwiSaver (2025, New Zealand)**. 

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## Market Challenges

### Market-Valuation Volatility

The modeled industry experienced a **5.3% contraction (2022, New Zealand)**, demonstrating that market-linked AUM can decline despite continuing savings contributions. 

* Performance-linked AUM creates revenue volatility because percentage-based management fees fall when markets decline; this effect is amplified as overseas exposure exceeds **54% of consolidated assets (2025, New Zealand)**. 
* KiwiSaver withdrawals reached approximately **USD 3.47 billion (2025, New Zealand)**, creating a growing offset to contribution flows as retirement, housing and hardship withdrawals mature. 
* Investment returns fluctuate materially from year to year, requiring managers to distinguish sustainable net-flow growth from valuation effects; returns were positive in **8 of 10 years (2025 report, New Zealand)**, implying two negative-return years. 

### Fee Compression and Switching Pressure

KiwiSaver manager fees averaged about **0.7% of FUM (2025, New Zealand)**, making scale and operating efficiency central to margin preservation. 

* Low-cost passive and digital providers increase price transparency, while a fee yield near **0.7% (2025, New Zealand)** limits the ability to absorb technology and compliance costs through higher pricing. 
* Provider switching has become commercially material, with independent managers receiving substantial transfer flows during 2025, intensifying competition for existing assets rather than only first-time savers. **KiwiSaver exceeded 3.4 million members (2025, New Zealand)**. 
* For incumbent banks, stronger digital service and advice propositions are needed to defend customer assets as the industry contains **66 licensed MIS managers (current register, New Zealand)**, providing clients with meaningful switching choice. 

### Regulatory and Governance Cost Intensity

Every registered MIS manager, except restricted schemes, requires licensing and supervision, creating a formal compliance burden across **66 licensed MIS providers (New Zealand)**. 

* Registered managers must maintain governance, custody, disclosure and supervisor relationships, raising fixed costs and disproportionately affecting smaller providers with limited AUM. **Licensed supervision is mandatory (2025 framework, New Zealand)**. 
* KiwiSaver managers face additional regulatory requirements because retirement savings are a mass-market financial product serving approximately **63.5% of the population (2025, New Zealand)**. 
* Supervisor oversight creates an additional assurance layer for investors, but it also increases process, reporting and control requirements across managers. Supervisors can face penalties of up to **USD-equivalent regulatory fines for unlicensed activity under the applicable framework**. 

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## Market Opportunities

### Digital-First Retirement and Investment Platforms

Digital distribution can monetize a customer base of almost **3.4 million KiwiSaver members (2025, New Zealand)** with lower incremental servicing cost. 

* The monetizable angle is lower acquisition and servicing cost per account, allowing providers to compete at a fee yield near **0.7% of FUM (2025, New Zealand)** while protecting operating margins. 
* Digital-first managers, banks and adviser platforms benefit by converting existing retirement relationships into adjacent retail managed funds, advice and wealth products as member participation already reaches **63.5% of the population (2025, New Zealand)**. 
* To capture the opportunity, managers must improve automated onboarding, portfolio guidance and retention systems before the default contribution rate reaches **4.0% in 2028**, when contribution economics become more valuable. 

### Independent-Manager Share Capture

Provider switching is opening a measurable growth channel as boutique and independent managers capture flows from banks across a **3.4 million-member system (2025, New Zealand)**. 

* The revenue thesis is direct capture of existing fee-bearing assets rather than waiting for new savings formation, potentially accelerating AUM growth above the industry's underlying member-growth rate of approximately **1.5% in 2025**. 
* Independent managers and adviser-led platforms benefit most where investment differentiation, service quality or brand trust outweigh bank convenience, particularly as **just under half of KiwiSaver members used growth-category funds in 2025**. 
* Winning providers need scalable administration and risk controls because the market operates under licensed-management and supervision requirements covering **66 MIS licensees**, limiting sustainable growth through informal operating models. 

### Global Portfolio and Private-Wealth Expansion

International assets already represent **54.1% of consolidated AUM (2025, New Zealand)**, creating room for differentiated global and specialist mandates. 

* The monetizable angle extends beyond pooled funds into individually managed portfolios, which accounted for a substantial separate mandate pool in 2025 and typically support higher-value advisory and portfolio-management relationships. **Private and institutional mandates remain material (2025, New Zealand)**. 
* Independent managers, private banks and specialist advisers benefit from clients seeking global equities, fixed income and alternatives as KiwiSaver itself holds **61.1% of assets overseas (2025, New Zealand)**. 
* Capturing the opportunity requires stronger global research, external-manager due diligence and currency-risk capabilities because overseas assets exceed **half of consolidated industry portfolios (2025, New Zealand)**. 

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## Competitive Landscape

# CHAPTER 8 - Competitive Landscape Overview

The New Zealand Assets Under Management Market combines large bank-owned distribution franchises with scaled independent managers, specialist providers and digital challengers. Regulation raises entry barriers, while customer switching and fee transparency sustain competitive pressure.

* **Key players:** 10
* **New Entrants (last 5 yrs):** -

### Company Profiles (Top 10 Players)

| Company Name | Market Share | Headquarters | Founding Year | Core Market Focus |
| --- | --- | --- | --- | --- |
| ANZ New Zealand Investments Limited | - | Auckland, New Zealand | - | KiwiSaver, retail managed funds and diversified investment portfolios |
| ASB Group Investments Limited | - | Auckland, New Zealand | - | KiwiSaver, managed funds and bank-distributed investment solutions |
| Fisher Funds Management Limited | - | Auckland, New Zealand | 1998 | KiwiSaver, managed funds and active investment management |
| Milford Asset Management Limited | - | Auckland, New Zealand | 2003 | KiwiSaver, active managed funds and private wealth |
| BT Funds Management (NZ) Limited | - | Auckland, New Zealand | - | Westpac-distributed KiwiSaver and managed investment products |
| AMP Wealth Management New Zealand Limited | - | Auckland, New Zealand | - | Retirement savings, KiwiSaver and wealth-management solutions |
| Generate Investment Management Limited | - | Auckland, New Zealand | 2013 | KiwiSaver and actively managed diversified investment portfolios |
| Booster Investment Management Limited | - | Wellington, New Zealand | 1998 | KiwiSaver, managed funds and diversified retirement investments |
| Simplicity NZ Limited | - | Auckland, New Zealand | 2016 | Low-fee KiwiSaver and diversified passive investment funds |
| Smartshares Limited (Smart) | - | Wellington, New Zealand | 1996 | ETFs, KiwiSaver, SuperLife and index-oriented investment products |

The report provides detailed cross-comparison of key players across 4 performance parameters to identify competitive strengths and weaknesses.

### Top 4 Cross-Comparison KPIs

* Net Funds Flow
* Client Retention Rate
* Fee Yield
* Operating Cost-to-AUM Ratio

### Analysis Covered

* **Market Share Analysis:** Compares manager scale using disclosed and triangulated in-scope asset pools.
* **Cross Comparison Matrix:** Benchmarks flows, retention, pricing and operating efficiency across managers.
* **SWOT Analysis:** Evaluates distribution strength, investment capability, economics, risks and vulnerabilities.
* **Pricing Strategy Analysis:** Assesses fee architecture, product positioning and scale-driven pricing flexibility.
* **Company Profiles:** Profiles investment focus, ownership, distribution positioning and strategic capabilities.

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## Key Stakeholders

# CHAPTER 10 - Key Target Audience

Key stakeholders who can leverage from this market analysis for investment, strategy, and operational planning.

* **Investors:** AUM growth, fee yield, flows, scalability, consolidation, returns
* **Corporates:** treasury mandates, retirement benefits, provider selection, governance, fees
* **Government:** retirement adequacy, participation, regulation, competition, financial resilience
* **Operators:** net flows, retention, digital acquisition, fees, compliance, allocation
* **Financial institutions:** wealth penetration, cross-sell, custody, mandates, advisory economics

### What You'll Gain

* Market sizing and trajectory
* Retirement savings outlook
* Regulatory structure mapping
* Segment growth priorities
* Competitive manager benchmarking
* CEO-grade risk priorities

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## Research Methodology

# CHAPTER 11 - Research Methodology

### Phase 1: Approach

#### Desk Research

* RBNZ managed-funds balance-sheet analysis
* FMA KiwiSaver statutory-data review
* Manager disclosure and product mapping
* Regulatory and contribution-policy tracking

#### Primary Research

* Chief Investment Officer interviews conducted
* Portfolio Manager interviews conducted
* Head of Distribution interviews conducted
* Financial Adviser interviews conducted

#### Validation and Triangulation

* 272 respondent observations cross-validated
* Manager assets reconciled to aggregates
* Product pools checked for overlap
* Forecast drivers tested across scenarios

### Phase 2: Market Size Estimation

#### Top-Down Assessment

* RBNZ total managed-funds stock
* KiwiSaver, retail, wholesale and mandates
* FMA regulated scheme participation indicators

#### Bottom-Up Modeling

* Manager-level disclosed assets benchmarked
* Fee yield and flows compared
* Client assets multiplied by penetration

#### Forecasting and Scenario Analysis

* Contributions, returns and withdrawals modeled
* KiwiSaver contribution reforms scenario-tested
* Baseline, optimistic, constrained projections through 2032

### Phase 3: Primary Research Coverage

#### Scope Item / Segments

Coverage spans the New Zealand asset-management value chain from fund manufacturing and institutional mandates through distribution, advice and employer-linked retirement channels.

* KiwiSaver and Retail Fund Managers
* Institutional and Wholesale Investment Teams
* Financial Advice and Wealth Platforms
* Corporate and Employer Retirement Channels

#### Sample Size

A total of 272 respondents were engaged across value-chain segments to provide balanced operational and strategic coverage of the New Zealand Assets Under Management Market.

* KiwiSaver and Retail Fund Managers - 84 respondents (Head of Investments, Head of Distribution)
* Institutional and Wholesale Investment Teams - 62 respondents (Chief Investment Officer, Portfolio Manager)
* Financial Advice and Wealth Platforms - 71 respondents (Financial Adviser, Platform Product Manager)
* Corporate and Employer Retirement Channels - 55 respondents (HR Benefits Manager, Treasury Manager)

#### Validation and Triangulation

Validation compares respondent findings across manager, distributor, adviser and institutional cohorts to test the internal consistency of market sizing and commercial conclusions.

* Manager flow estimates reconciled across cohorts
* Retail and wholesale assets de-duplicated
* Operational and strategic responses cross-checked
* CAGR closure tested against asset balances

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## Frequently Asked Questions

# CHAPTER 12 - FAQs

#### Q: How large is the New Zealand Assets Under Management Market in 2025?

**A:** The New Zealand Assets Under Management Market was valued at USD 214,976 million in 2025 under the report's managed-funds scope. The estimate is anchored to the Reserve Bank of New Zealand's December 2025 total funds-under-management series and translated at the fixed 31 December 2025 RBNZ exchange rate. The scope includes KiwiSaver, superannuation, retail managed funds, cash management funds, wholesale mandates and individually managed portfolios captured by RBNZ, while excluding the New Zealand Superannuation Fund and ACC investment pools to preserve consistency with the official managed-funds survey boundary.

**Data used:** USD 214,976 million market size (2025); 31 December 2025 FX translation basis.

**So what:** Investors should benchmark manager scale against the regulated managed-funds pool rather than combining unrelated sovereign and public-sector asset pools.

#### Q: What is the market forecast through 2032?

**A:** The market is projected to reach USD 349,747 million by 2032, representing a 7.20% CAGR from the 2025 base year. Growth is expected to normalize below the 2020-2025 historical pace as the asset base becomes larger and retirement withdrawals increase. However, the contribution-rate schedule creates a structural offset: default employee and matching employer KiwiSaver contributions moved to 3.5% in 2026 and are scheduled to reach 4% in 2028. Global asset exposure and higher-growth risk allocations should provide additional valuation support over the forecast period.

**Data used:** USD 349,747 million forecast (2032); 7.20% CAGR (2025-2032).

**So what:** Strategy should prioritize scalable recurring-flow products rather than rely solely on market-beta-driven AUM expansion.

#### Q: Where is the profit pool shifting within New Zealand asset management?

**A:** Profit pools are shifting toward KiwiSaver growth strategies, digitally distributed funds, independent managers and higher-value advisory mandates. KiwiSaver already represents approximately 38.5% of the gross managed-funds stock, while almost half of members were invested in growth-category funds in the 2025 FMA reporting cycle. At the same time, fee yields remain under pressure, with total KiwiSaver manager fees around 0.7% of FUM. Managers that capture net flows while automating administration and customer servicing are therefore positioned to expand operating profit faster than managers dependent on mature branch distribution.

**Data used:** 38.5% KiwiSaver share (2025); approximately 0.7% manager-fee ratio (2025).

**So what:** Capital allocation should favor distribution efficiency, retention technology and differentiated growth portfolios.

#### Q: What is the principal risk to the market's growth outlook?

**A:** Market valuation volatility is the most immediate financial risk because fee-bearing AUM is highly exposed to securities markets, particularly offshore assets. The modeled market contracted 5.3% in 2022 before recovering strongly, demonstrating that recurring contributions do not eliminate market-cycle exposure. The risk is amplified by the fact that 54.1% of consolidated assets and 61.1% of KiwiSaver assets were invested overseas at December 2025. Rising retirement withdrawals create another structural drag as an increasing share of members move from accumulation toward decumulation.

**Data used:** -5.3% market growth (2022); 54.1% overseas consolidated allocation (2025).

**So what:** Managers need disciplined liquidity, currency-risk management and retention strategies to stabilize revenue through market cycles.

#### Q: How does New Zealand compare with major Asia-Pacific asset-management peers?

**A:** New Zealand is smaller in absolute AUM than Australia, Singapore, Hong Kong and Malaysia, ranking fifth in the selected peer set, but it has a sophisticated retirement-savings architecture relative to population. Australia had approximately AUD 4.5 trillion of superannuation assets at December 2025, while Hong Kong reported USD 5.4 trillion of asset and wealth-management AUM in 2025. New Zealand's differentiation is broad KiwiSaver penetration and a high international allocation, with more than half of consolidated managed assets invested offshore.

**Data used:** 5th peer ranking (2025); 54.1% international asset allocation (2025).

**So what:** New Zealand is best assessed as a deep domestic savings market rather than a regional cross-border booking hub.

#### Q: What demand driver has the greatest strategic impact through 2032?

**A:** KiwiSaver contribution reform has the clearest structural impact because it directly increases recurring payroll-linked investment flows across a system serving almost 3.4 million members. The default employee and matching employer contribution rate increased from 3% to 3.5% in April 2026 and is scheduled to rise to 4% in April 2028. This increases the value of customer retention and workplace distribution because existing members can generate more incremental AUM without proportionate acquisition expenditure. Providers with low servicing costs can convert the higher flow rate into stronger fee-pool growth.

**Data used:** 3.4 million KiwiSaver members (2025); 4.0% scheduled default rate (2028).

**So what:** Managers should strengthen payroll integration, digital engagement and member retention before the full contribution-rate increase takes effect.

---

## Table of Contents

# CHAPTER 14 - Table of Contents

### Market Report Structure

Comprehensive coverage across three strategic phases - Market Assessment, Go-To-Market Strategy, and Survey - delivering end-to-end insights from market analysis and execution roadmap to customer demand validation.

## Market Assessment Phase

Supply-side and competitive intelligence covering market sizing, segmentation, competitive dynamics, regulatory landscape, and future forecasts.

### 1. Executive Summary and Approach

### 2. New Zealand Assets Under Management Market Overview

#### 2.1 Key Insights and Strategic Recommendations

#### 2.2 New Zealand Assets Under Management Market Overview

#### 2.3 Definition and Scope

#### 2.4 Evolution of Market Ecosystem

#### 2.5 Timeline of Key Regulatory Milestones

#### 2.6 Value Chain and Stakeholder Mapping

#### 2.7 Business Cycle Analysis

#### 2.8 Policy and Incentive Landscape

### 3. New Zealand Assets Under Management Market Analysis

#### 3.1 Growth Drivers

##### 3.1.1 Higher Mandatory KiwiSaver Contribution Settings

##### 3.1.2 Recurring Retirement-Savings Flows

##### 3.1.3 Increasing Global Portfolio Diversification

#### 3.2 Market Challenges

##### 3.2.1 Market-Valuation Volatility

##### 3.2.2 Fee Compression and Switching Pressure

##### 3.2.3 Regulatory and Governance Cost Intensity

#### 3.3 Market Opportunities

##### 3.3.1 Digital-First Retirement and Investment Platforms

##### 3.3.2 Independent-Manager Share Capture

##### 3.3.3 Global Portfolio and Private-Wealth Expansion

#### 3.4 Market Trends

##### 3.4.1 Growth-Oriented KiwiSaver Allocation

##### 3.4.2 Digital Direct Distribution

##### 3.4.3 Independent Manager Switching

##### 3.4.4 International Portfolio Diversification

#### 3.5 Government Regulation

##### 3.5.1 Financial Markets Conduct Licensing

##### 3.5.2 Licensed Supervisor Requirements

##### 3.5.3 KiwiSaver Contribution Framework

##### 3.5.4 Managed Investment Scheme Governance

### 4. SWOT Analysis

### 5. Stakeholder Analysis

### 6. Porter's Five Forces Analysis

### 7. New Zealand Assets Under Management Market Size

#### 7.1 By Value

#### 7.2 By Managed Asset Stock

#### 7.3 By Fee Yield

### 8. New Zealand Assets Under Management Market Segmentation

#### 8.1 Product Type

##### 8.1.1 KiwiSaver Funds

##### 8.1.2 Retail Managed Funds

##### 8.1.3 Wholesale Investment Funds

##### 8.1.4 Individually Managed Portfolios

#### 8.2 Customer Segment

##### 8.2.1 Mass-Market Retail Investors

##### 8.2.2 Affluent and High-Net-Worth Investors

##### 8.2.3 Institutional Investors

##### 8.2.4 Employer-Sponsored Members

#### 8.3 Distribution Channel

##### 8.3.1 Bank-Owned Channels

##### 8.3.2 Direct Digital Platforms

##### 8.3.3 Financial Adviser Networks

##### 8.3.4 Workplace and Payroll Channels

#### 8.4 Institution Type

##### 8.4.1 Bank-Owned Fund Managers

##### 8.4.2 Independent Asset Managers

##### 8.4.3 Digital-First Investment Platforms

##### 8.4.4 Specialist and Boutique Managers

#### 8.5 Revenue Model

##### 8.5.1 Asset-Based Management Fees

##### 8.5.2 Performance Fees

##### 8.5.3 Advice and Platform Fees

##### 8.5.4 Administration and Custody Fees

#### 8.6 Risk Category

##### 8.6.1 Conservative

##### 8.6.2 Balanced

##### 8.6.3 Growth

##### 8.6.4 High Growth and Specialist

#### 8.7 Geography

##### 8.7.1 Auckland

##### 8.7.2 Wellington

##### 8.7.3 Canterbury

##### 8.7.4 Rest of New Zealand

### 9. New Zealand Assets Under Management Market Competitive Analysis

#### 9.1 Market Share of Key Players (Micro, Small, Medium, Large Enterprises)

#### 9.2 Cross Comparison of Key Players

##### 9.2.1 Company Name

##### 9.2.2 Group Size (Large, Medium, or Small as per industry convention)

##### 9.2.3 Net Funds Flow

##### 9.2.4 Client Retention Rate

##### 9.2.5 Fee Yield

##### 9.2.6 Operating Cost-to-AUM Ratio

#### 9.3 SWOT Analysis of Top Players

#### 9.4 Pricing Analysis

#### 9.5 Detailed Profile of Major Companies

##### 9.5.1 ANZ New Zealand Investments Limited

##### 9.5.2 ASB Group Investments Limited

##### 9.5.3 Fisher Funds Management Limited

##### 9.5.4 Milford Asset Management Limited

##### 9.5.5 BT Funds Management (NZ) Limited

##### 9.5.6 AMP Wealth Management New Zealand Limited

##### 9.5.7 Generate Investment Management Limited

##### 9.5.8 Booster Investment Management Limited

##### 9.5.9 Simplicity NZ Limited

##### 9.5.10 Smartshares Limited (Smart)

### 10. New Zealand Assets Under Management Market End-User Analysis

#### 10.1 Procurement Behavior of Key End-Users

##### 10.1.1 KiwiSaver Provider Selection

##### 10.1.2 Private Wealth Manager Selection

##### 10.1.3 Institutional Mandate Procurement

##### 10.1.4 Adviser-Led Product Selection

#### 10.2 Corporate Spend Patterns

##### 10.2.1 Workplace Retirement Contributions

##### 10.2.2 Institutional Management Fees

##### 10.2.3 Advice and Platform Spending

##### 10.2.4 Custody and Administration Costs

#### 10.3 Pain Point Analysis by End-User Category

##### 10.3.1 Fee Transparency

##### 10.3.2 Investment Performance Consistency

##### 10.3.3 Digital Service Experience

##### 10.3.4 Switching and Transfer Friction

#### 10.4 User Readiness for Adoption

##### 10.4.1 Digital Investment Readiness

##### 10.4.2 Growth-Fund Risk Appetite

##### 10.4.3 Adviser Engagement

##### 10.4.4 Global Asset Acceptance

#### 10.5 Post-Deployment ROI and Use Case Expansion

##### 10.5.1 Customer Lifetime Value

##### 10.5.2 Cross-Sell into Managed Funds

##### 10.5.3 Wealth Advice Expansion

##### 10.5.4 Institutional Mandate Expansion

### 11. New Zealand Assets Under Management Market Future Size

#### 11.1 By Value

#### 11.2 By Managed Asset Stock

#### 11.3 By Fee Yield

## Go-To-Market Strategy Phase

Entry strategy evaluation, execution roadmap, partner recommendations, and profitability outlook.

### 1. Whitespace Analysis and Business Model Canvas

#### 1.1 Digital KiwiSaver Whitespace

#### 1.2 Independent Wealth-Mandate Opportunity

#### 1.3 Low-Cost Portfolio Opportunity

#### 1.4 Specialist Global Investment Opportunity

### 2. Marketing and Positioning Recommendations

#### 2.1 Retirement Outcome Positioning

#### 2.2 Fee Transparency Positioning

#### 2.3 Investment Performance Communication

#### 2.4 Digital Experience Positioning

### 3. Distribution Plan

#### 3.1 Direct Digital Acquisition

#### 3.2 Financial Adviser Partnerships

#### 3.3 Employer and Payroll Distribution

#### 3.4 Institutional Mandate Distribution

### 4. Channel and Pricing Gaps

#### 4.1 Bank Channel Fee Gaps

#### 4.2 Digital Advice Gaps

#### 4.3 Adviser Platform Economics

#### 4.4 Institutional Pricing Gaps

### 5. Unmet Demand and Latent Needs

#### 5.1 Retirement Advice Access

#### 5.2 Low-Cost Global Diversification

#### 5.3 Personalized Portfolio Guidance

#### 5.4 Decumulation Solutions

### 6. Customer Relationship

#### 6.1 Member Onboarding

#### 6.2 Digital Engagement

#### 6.3 Retention Management

#### 6.4 Advice-Led Relationship Expansion

### 7. Value Proposition

#### 7.1 Outcome-Focused Retirement Investing

#### 7.2 Transparent Fee Architecture

#### 7.3 Global Investment Access

#### 7.4 Integrated Digital Advice

### 8. Key Activities

#### 8.1 Portfolio Construction

#### 8.2 Regulatory Compliance

#### 8.3 Digital Distribution

#### 8.4 Member Retention

### 9. Entry Strategy Evaluation

#### 9.1 Domestic Market Entry Strategy

##### 9.1.1 MIS Licensing Preparation

##### 9.1.2 Local Distribution Development

##### 9.1.3 KiwiSaver Product Assessment

##### 9.1.4 Adviser Partnership Development

#### 9.2 Export Entry Strategy

##### 9.2.1 Trans-Tasman Fund Distribution

##### 9.2.2 Offshore Manager Partnerships

##### 9.2.3 Global Mandate Sourcing

##### 9.2.4 International Product Access

### 10. Entry Mode Assessment

#### 10.1 Organic Licensed Entry

#### 10.2 Acquisition of Existing Manager

#### 10.3 Distribution Partnership

#### 10.4 Sub-Advisory Partnership

### 11. Capital and Timeline Estimation

#### 11.1 Licensing Investment

#### 11.2 Technology Investment

#### 11.3 Distribution Build-Out

#### 11.4 Break-Even Asset Threshold

### 12. Control vs Risk Trade-Off

#### 12.1 Full-Control Licensed Model

#### 12.2 Partner-Led Distribution Model

#### 12.3 Outsourced Investment Model

#### 12.4 Acquisition Integration Risk

### 13. Profitability Outlook

#### 13.1 Fee Yield Outlook

#### 13.2 Operating Leverage

#### 13.3 Customer Acquisition Economics

#### 13.4 AUM Break-Even Analysis

### 14. Potential Partner List

#### 14.1 Financial Adviser Networks

#### 14.2 Payroll and Employer Platforms

#### 14.3 Custody and Administration Providers

#### 14.4 Offshore Investment Managers

### 15. Execution Roadmap

#### 15.1 Phased Plan for Market Entry

##### 15.1.1 Market Setup

##### 15.1.2 Market Entry

##### 15.1.3 Growth Acceleration

##### 15.1.4 Scale and Stabilize

#### 15.2 Key Activities and Milestones

##### 15.2.1 Licensing and Governance Setup

##### 15.2.2 Product and Platform Launch

##### 15.2.3 Distribution Network Expansion

##### 15.2.4 Operating Scale Optimization

## Survey Phase

Demand-side primary research conducted through structured interviews and online surveys with end users across priority metros and Tier 2/3 cities to capture consumption behavior, unmet needs, and purchase drivers.

### 1. Research Design and Sample Architecture

#### 1.1 Research Objectives and Scope

#### 1.2 Sample Size Rationale and Representation

#### 1.3 Customer Cohort Definitions

#### 1.4 Geographic Coverage - Priority Metros and Regional Centres

### 2. Data Collection Methodology

#### 2.1 Structured Interview Framework (50 In-Depth Interviews)

##### 2.1.1 Interview Guide and Question Design

##### 2.1.2 Respondent Recruitment and Screening Criteria

##### 2.1.3 Interview Execution and Quality Control

##### 2.1.4 Qualitative Coding and Insight Extraction

#### 2.2 Online Survey Design (200 Structured Surveys)

##### 2.2.1 Survey Instrument and Attribute Coverage

##### 2.2.2 Platform Selection and Distribution Channels

##### 2.2.3 Response Validation and Data Cleaning

##### 2.2.4 Statistical Significance and Margin of Error

### 3. Customer Cohort Profiles

#### 3.1 Cohort 1 - KiwiSaver Members

##### 3.1.1 Cohort Definition and Size

##### 3.1.2 Key Demand Attributes

##### 3.1.3 Purchase Decision Drivers

##### 3.1.4 Represented Sample Size and Metro Distribution

#### 3.2 Cohort 2 - Affluent and High-Net-Worth Investors

##### 3.2.1 Cohort Definition and Size

##### 3.2.2 Key Demand Attributes

##### 3.2.3 Purchase Decision Drivers

##### 3.2.4 Represented Sample Size and City Distribution

#### 3.3 Cohort 3 - Institutional Investors

##### 3.3.1 Cohort Definition and Size

##### 3.3.2 Key Demand Attributes

##### 3.3.3 Purchase Decision Drivers

##### 3.3.4 Represented Sample Size and Regional Distribution

#### 3.4 Cohort 4 - Employer-Sponsored Members

##### 3.4.1 Cohort Definition and Size

##### 3.4.2 Key Demand Attributes

##### 3.4.3 Procurement and Contribution Drivers

##### 3.4.4 Represented Sample Size and Regional Distribution

### 4. Demand Attributes Analysis

#### 4.1 Macroeconomic and Financial-Market Influences on Demand

##### 4.1.1 Household Income and Savings Linkages

##### 4.1.2 Employment and Payroll Contribution Impact

##### 4.1.3 Capital Market Performance and Allocation

##### 4.1.4 Offshore Investment Dependency

#### 4.2 End-User Behavior and Investment Patterns

##### 4.2.1 Contribution Frequency and Value

##### 4.2.2 Risk Category Selection

##### 4.2.3 Provider Loyalty vs Fee Sensitivity

##### 4.2.4 Switching Triggers and Retention Factors

#### 4.3 Pricing Perception and Value Assessment

##### 4.3.1 Willingness to Pay Across Cohorts

##### 4.3.2 Fee Benchmarking Against Alternatives

##### 4.3.3 Adviser and Platform Fee Perceptions

##### 4.3.4 Net-Return Value Perception

#### 4.4 Quality, Governance, and Compliance Expectations

##### 4.4.1 Investment Governance Requirements

##### 4.4.2 Regulatory Compliance Awareness

##### 4.4.3 Domestic vs International Portfolio Perception

##### 4.4.4 Member Service Expectations

#### 4.5 Geographic and Contextual Demand Factors

##### 4.5.1 Auckland Wealth Concentration

##### 4.5.2 Wellington Institutional Demand

##### 4.5.3 Regional Adviser Influence

##### 4.5.4 Digital Adoption Outside Major Centres

#### 4.6 Marketing, Awareness, and Channel Influence

##### 4.6.1 Financial Education Influence

##### 4.6.2 Role of Digital Marketing

##### 4.6.3 Financial Adviser Influence

##### 4.6.4 Employer and Payroll Influence

### 5. Unmet Needs and Latent Demand Signals

#### 5.1 Gaps Between Current Products and Investor Expectations

#### 5.2 Latent Demand for Affordable Advice

#### 5.3 Willingness to Adopt Digital Investment Tools

#### 5.4 Pain Points Surfaced Across Investor Cohorts

### 6. Key Findings and Strategic Implications

#### 6.1 Top Demand Drivers Ranked by Cohort

#### 6.2 Barriers to Provider Switching and Adoption

#### 6.3 High-Priority Customer Segments for Market Entry

#### 6.4 Recommendations for Product, Pricing, and Channel Strategy

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