According to BusinessDesk Fisher Funds beat out Jarden in the race to acquire the funds management business originally established by Gareth Morgan.

It is the biggest KiwiSaver sale and adds to Fisher’s other purchases which include Huljich, TOWER and First NZ.

The deal also means that Fisher will become a default provider, after losing that status in last year’s review of scheme.

At the time Fisher Funds chief executive Bruce McLachlin said was [Here's what he said at the time].

The sale is the latest divestment by Kiwi Group Holdings after selling its insurance business to nib and its online investing platform, Hatch, to FNZ.

Following the Kiwi Wealth sale KGH will be left with Kiwibank and NZ Home Loans.

BusinessDesk says Fisher intends to fold the operation into its current operations.

There has been significant concern in the funds management industry about job losses.

Act leader David Seymour has weighed in on the likelihood of Fisher becoming a default provider again.

“Generally speaking, I’m in favour of being able to buy and sell at the best price and the highest bidder, but I just wonder if the Government, in the case of Kiwi Wealth, shouldn’t have been asking itself what sort of buyer do they want for somebody that’s a default KiwiSaver provider,” he told NBR.

It's an issue we have raised at Good Returns too. [Read on]

BusinessDesk says the Kiwi Wealth brand will disappear .

Fisher Funds is majority-owned by the Taranaki Community Trust through the Toi Foundation, with Hong Kong-based global investor TA Associates as a 34% shareholder.

According to Morningstar Fisher is the fourth largest KiwiSaver provider with $6.945 billion in funds under management as at March 31. Kiwi Wealth was next with funds under management of $6.80 billion.