Aon is an insurance broker and risk management service which has tacked on retirement saving options through underlying managers ANZ Investments, Milford Asset Management, Nikko Asset Management and Russell Investment Group.

Fisher Funds bought the KiwiSaver and Master Trust divisions and will take on the management of another 21,000 members’ $1 billion of assets – the firm already has $14.5b currently invested.

The fund manager's last major acquisition was in 2013 when it bought Tower's investment business for $79 million, quadrupling its funds under management at the time to $5b.

That deal followed the 2011 purchase of Huljich Wealth Management's KiwiSaver business for $21m and the smaller First NZ Capital and NZ Association of Credit Union schemes.

Chief executive Bruce McLachlan says the Aon acquisition is a natural progression of the firm’s growth plans.

“This is an exciting moment for Fisher Funds and will further strengthen our position as one of New Zealand’s leading independent active funds management businesses."

McLachlan says the business appealed as its clients had demonstrated a preference for active investment managers, which aligned with Fisher Funds.

“Once the transition is complete all Aon members and clients will benefit from full access to Fisher Funds active investment team, online platforms, and award-winning client services team,” he says.

The transaction is due to complete at the end of November 2021 and will be followed by an extended transition period to allow the Aon businesses to be fully integrated.