[The Wrap] KiwiSaver for free who would have thought of that?

NZ Funds has been considered an expensive manager previously. So to go to zero fees was not something anyone expected.

Earlier this year eyes opened wide when Smartshares won default KiwiSaver status with a fund charging 20 basis points, even beating out the loudest fee manager Simplicity. (They too won default status with a fund charging 30 basis points).

NZ Funds is one of those firms which has flown under the radar for most of its existence. Only recently has it hit the headlines, and not for all the right reasons.

The manager was invested into cryptocurrency, got the timing spot on and pocketed some big fees. (Investors did well too).