Kiwibank has agreed to acquire Gareth Morgan Investments (GMI) including the Gareth Morgan KiwiSaver Scheme in a move to expand its Wealth and KiwiSaver businesses.
As per the terms of the transaction, GMI will operate as a stand-alone entity under the Kiwibank Wealth and Insurance while Gareth will remain a major client and a member of the investment strategy team.
Gareth Morgan and Andrew Gawith will remain directors of GMI alongside two Kiwibank-appointed directors.
Kiwibank CEO Paul Brock said that GMI’s core values of trust and honesty; transparency; respect for clients’ interests; and the continual pursuit of excellence mirror Kiwibank’s values of doing what’s right; making it easy; and raising the bar.
Currently, GMI manages over $1.5bn, of which $650m is KiwiSaver related, on behalf of more than 57,000 clients.