Financial advice firm gets diversified

Diversified Funds are closing after one of its two principals decided to move across to Fisher Funds Management.The change has come about partly because Diversified had earlier decided to close the Law Retirement KiwiSaver Funds that it managed.

Good Returns understands the Financial Markets Authority put pressure on Diversified over the scheme’s closure and “suggested” it talk to Fisher about taking over its KiwiSaver funds, otherwise members would be allocated to default providers.

Fisher was suggested as it had scale and also has experience acquiring schemes.

Diversified director Norman Stacey says having members allocated to default providers wasn’t in the best interests of investors so it approached Fisher.