NZ Funds cuts ties with Morningstar
The decision means its KiwiSaver funds did not appear in the performance tables of the March quarter KiwiSaver survey.
Chief executive Michael Lang said Morningstar’s approach of putting NZ Funds’ lifecycle-style KiwiSaver fund in the “miscellaneous” category and comparing the components within it was an inaccurate representation.
People would move through each asset allocation according to their age, which would give a better result overall, compared to standard funds, than the comparison might suggest. “It doesn’t represent what we are actually doing.”
He said Morningstar also struggled with NZ Funds’ dual fee levels and there was little benefit to clients or advisers in being part of its tables.
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