Fisher Funds, an active investment manager, is consolidating its KiwiSaver business into a single scheme, the Fisher Funds KiwiSaver Plan (the former Kiwi Wealth scheme, acquired from Kiwi Group Holdings on 1 December 2022). The Plan is the scheme new members join and the one that carries default-provider status. Fisher Funds TWO (the former Tower scheme) was wound up in June 2026, with its members transferred into the Plan, which held about $13 billion across its funds at 30 June 2026 (the total of its fund updates). The FMA then approved moving all members of the original Fisher Funds KiwiSaver Scheme into the Plan as well, with the transfer due to complete on 6 October 2026. This is one of our KiwiSaver provider reviews.
Important update (October 2026): Fisher Funds’ timeline for the original scheme set the transfer of all its members into the Plan for 24 September to 5 October 2026, with the transfer complete on 6 October 2026; RNZ reported on 30 September that the FMA had approved it, and Policywise reports it was completed on 6 October. Fisher Funds said the transfer would happen automatically, with fees the same or lower for most members; RNZ reported that some GlidePath members under 46 pay slightly more (a 30-year-old’s fee rising from 1.13% to 1.21%). If you joined years ago and haven’t checked recently, your scheme name may have changed. How Kiwibank’s former KiwiSaver business ended up with Fisher Funds is covered in the Kiwibank KiwiSaver page.
Fisher Funds KiwiSaver at a Glance
| Detail | Fisher Funds KiwiSaver |
|---|---|
| Type | Active investment manager |
| Default provider status | Yes, for the Fisher Funds KiwiSaver Plan only: inherited with the Kiwi Wealth scheme on 1 December 2022. Fisher Funds was not selected in its own right in the 2021 review |
| KiwiSaver schemes | The Fisher Funds KiwiSaver Plan (formerly Kiwi Wealth). Fisher Funds TWO (formerly Tower) was wound up into the Plan in June 2026, and the original Fisher Funds KiwiSaver Scheme’s members were due to move into the Plan by 6 October 2026 |
| Funds offered | Seven funds open to new members in the Plan (Cash, Core Conservative, Conservative, Default, Balanced, Growth, Aggressive) plus GlidePath |
| Annual fund charges | 0.37% to 1.23% in the Plan (Conservative, Balanced, Growth and Aggressive: 0.85% to 1.23%, estimated for the year to 31 March 2027) |
| Member fee | None listed: the Plan’s PDS fee example for a $10,000 Balanced Fund balance comes to about $101 (1.01%) |
| KiwiSaver funds under management | Just under $18 billion across Fisher Funds’ KiwiSaver schemes (Plan for Life figures for the March quarter, reported by Investment News in 2026); the Plan alone held about $13 billion at 30 June 2026 (the total of its fund updates), after taking in Fisher Funds TWO |
| Supervisor (the Plan) | Public Trust |
| Regulated by | Financial Markets Authority (FMA) |
| Ethical/ESG option | Some exclusions; no dedicated ethical fund |
Fisher Funds’ KiwiSaver Schemes: From Three to One
Fisher Funds has grown largely by acquisition, and as a result has operated three separate KiwiSaver schemes with different fee and performance histories. In 2026 it moved the other two into the Plan.
1. Fisher Funds KiwiSaver Scheme (the original scheme), moved into the Plan in October 2026:
- Fisher Funds’ own scheme (itself an amalgam of various acquisitions), closed to new members
- The FMA approved the transfer of all its members into the Fisher Funds KiwiSaver Plan; Fisher Funds’ timeline had the transfer complete on 6 October 2026, and members did not need to do anything for it to happen
- Before the transfer, its Growth Fund (closed to new investors) charged total fund charges of 1.09% and returned 3.92% a year over the five years to 30 June 2026, after fees and tax (Sorted Smart Investor)
2. Fisher Funds TWO KiwiSaver Scheme (formerly Tower KiwiSaver, acquired 2013), wound up June 2026:
- Set up to hold the KiwiSaver business Fisher Funds bought from Tower in 2013; it lost its default-provider status in December 2021 and closed to new members before the wind-up
- It no longer exists as a separate scheme. Fisher Funds moved its members into the equivalent funds of the Fisher Funds KiwiSaver Plan in June 2026
- Its Growth Fund fee had risen from 1.06% to 1.14% in June 2025 when private equity was added, against 1.13% for the Plan’s Growth Fund at the date of the transfer (RNZ, 30 September 2026)
- If you were a Fisher Funds TWO member, you are now a Fisher Funds KiwiSaver Plan member: check your latest statement to confirm
3. Fisher Funds KiwiSaver Plan (formerly Kiwi Wealth, acquired from Kiwibank/Kiwi Group Holdings on 1 December 2022):
- The renamed former Kiwi Wealth KiwiSaver Scheme: this is the scheme that carries Fisher Funds’ government default-provider status, inherited from Kiwi Wealth
- The only Fisher Funds KiwiSaver scheme open to new members, and the one the other two schemes have moved into; it held about $13 billion at 30 June 2026, after taking in Fisher Funds TWO
- Growth Fund total fund charges an estimated 1.13% for the year to 31 March 2027 (the Aggressive Fund’s are 1.23%), after 1.23% in the year to 31 March 2026
The practical takeaway: don’t assume you know which Fisher Funds scheme you’re in, or trust an old article that describes two or three schemes. Check your annual statement or log in at fisherfunds.co.nz: the scheme name shown there is authoritative, and it may have changed even if you did nothing.
Fisher Funds’ Fund Range
The Fisher Funds KiwiSaver Plan’s product disclosure statement (30 June 2026) lists these funds:
| Fund | Target growth/income split | Total annual fund charges | Minimum suggested timeframe |
|---|---|---|---|
| Cash | 0% / 100% | 0.44% | None |
| Default | 55% / 45% | 0.37% (none on a Default Fund balance of $1,500 or less) | 5 years |
| Core Conservative | 18% / 82% | 0.50% | 3 years |
| Conservative | 20% / 80% | 0.85% | 3 years |
| Balanced | 60% / 40% | 1.01% | 5 years |
| Growth | 80% / 20% | 1.13% | 7 years |
| Aggressive | 95% / 5% | 1.23% | 10 years |
The Default Fund is where members allocated by Inland Revenue start, and may use an enhanced passive investment style at times. GlidePath, an option rather than a fund, moves your savings between these funds as you age, a lifecycle approach to choosing a fund type by age (at 25 it is 100% in the Aggressive Fund; at 65, 17% Balanced and 83% Conservative).
The PDS’s fee example lists no flat member fee: a $10,000 Balanced Fund balance is charged about $101 a year (1.01%). Verify current fees and fund details at fisherfunds.co.nz.
For an overview of how growth and defensive asset allocations work across fund types, see KiwiSaver fund types explained.
Fisher Funds’ Active Management Approach
Fisher Funds is an active manager: rather than holding a market index, it selects investments, and says it targets businesses with durable competitive advantages, growth potential, and management aligned with shareholders. This is the opposite approach to passive providers like Simplicity, which hold the market in proportion.
How active management works out:
- An active fund can outperform its index when the manager’s selections do well, and underperform when they don’t
- Fisher Funds has a long history in NZ
- Estimated fund charges of 0.85% to 1.23% (year to 31 March 2027) on the Plan’s Conservative, Balanced, Growth and Aggressive funds come off returns every year, whatever the result
Ten-year after-fee returns relative to benchmark say more about a manager than 3-year figures, which can reflect market conditions rather than skill.
Fisher Funds Fees
Fisher Funds charges a percentage fee that differs by fund (the KiwiSaver Plan’s are in the table above). What the percentage fee costs over time, against a fund with no fee:
Growth fund on a $50,000 balance, 10 years, 8% gross return (recomputed for this review):
| Fund | Annual fee | 10-year fee cost vs a zero-fee fund (est.) |
|---|---|---|
| Fisher Funds KiwiSaver Scheme Growth (original scheme, before its transfer) | 1.09% | ~$10,400 |
| Fisher Funds KiwiSaver Plan Growth (ex-Kiwi Wealth) | 1.13% | ~$10,800 |
Illustrative only, with the fee deducted from the return each year and no further contributions.
To set these fees against other providers’ funds of the same type, see KiwiSaver fund fees compared.
Performance Record
Where performance data is published:
- Morningstar KiwiSaver survey — quarterly, free, shows after-fee returns by fund and category
- FMA annual KiwiSaver report — industry-level data
- Fisher Funds own performance reporting — compare against benchmark (typically the relevant market index)
How the comparisons are usually made:
- After-fee returns (not gross returns)
- Against the same risk category peer group (growth vs growth)
- Over 5-year and 10-year periods, since 3-year data is short and influenced by market timing
Current 5-year after-fee returns for Fisher Funds’ schemes, set against other providers’ funds of the same type, are in KiwiSaver fund returns compared.
Specialist Funds Outside KiwiSaver
Fisher Funds’ Property & Infrastructure Fund and Australian Growth Fund are listed among its managed funds, not its KiwiSaver funds; they are not among the KiwiSaver Plan funds listed above. If you held a specialist fund in an older Fisher Funds KiwiSaver scheme, check your statement for where your money sits after the 2026 transfers.
Features and Limitations
Features:
- Long-standing NZ active investment manager
- Seven funds open to new members plus GlidePath in the Plan, from Cash to Aggressive
- Around $13bn in the Plan at 30 June 2026, after taking in Fisher Funds TWO
- Distributed through financial advisers as well as directly
- The 2026 consolidation moves all three schemes’ members into one scheme
Limitations:
- Fees of 0.37% to 1.23%, with the Conservative, Balanced, Growth and Aggressive funds at an estimated 0.85% to 1.23% for the year to 31 March 2027
- No dedicated ethical or ESG fund
- Not a default provider in its own right (only holds that status via the acquired Kiwi Wealth scheme, now the Plan)
- Past fees and returns differ by scheme, so older statements and published returns may describe a scheme that no longer exists
Switching from Fisher Funds
To leave Fisher Funds you apply to the new provider, which arranges the transfer of your savings from your Fisher Funds scheme, whichever one you are in (IRD says the process takes about 2 weeks). You can belong to only one KiwiSaver scheme at a time. The steps and timing are in the KiwiSaver provider switching guide.
Where to check the latest data
Rates, fees and returns change often. Before deciding, check current figures yourself:
- Sorted Smart Investor: compares fees, returns and risk levels of KiwiSaver and managed funds.
- Disclose register: holds each fund's product disclosure statement and quarterly fund updates.
- The provider's latest fund update: gives the fund's current fees, returns and holdings.
Frequently Asked Questions
How do Fisher Funds’ fees compare with passive funds?
The Fisher Funds KiwiSaver Plan’s Conservative, Balanced, Growth and Aggressive funds have estimated total fund charges of 0.85% to 1.23% for the year to 31 March 2027. To end up ahead of a lower-fee passive fund after fees, an active fund has to outperform it before fees by more than the fee gap. Its 5- and 10-year after-fee returns are published on Sorted and in the Morningstar KiwiSaver survey.
What is the difference between Fisher Funds KiwiSaver Scheme, Fisher Funds TWO, and the Fisher Funds KiwiSaver Plan?
The Fisher Funds KiwiSaver Plan (formerly Kiwi Wealth, acquired 1 December 2022) is the scheme open to new members and carries Fisher Funds’ government default-provider status. Fisher Funds TWO (formerly Tower KiwiSaver) was wound up in June 2026 and its members moved into the Plan. The original Fisher Funds KiwiSaver Scheme, closed to new members, was due to move all its members into the Plan by 6 October 2026 after FMA approval. If you’re joining today, you’ll enrol in the Plan.
Does Fisher Funds KiwiSaver have an ethical fund?
The Fisher Funds KiwiSaver Plan has no dedicated ethical fund. Fisher Funds has a responsible investment policy that guides how it selects companies across its KiwiSaver and managed funds, but there is no separate screened or socially responsible fund option in the Plan.
I was enrolled in Tower KiwiSaver years ago. Is that still Fisher Funds?
Yes, but it has changed schemes twice. Fisher Funds acquired Tower’s KiwiSaver business in 2013 and it became Fisher Funds TWO. In June 2026, Fisher Funds TWO itself was wound up and merged into the Fisher Funds KiwiSaver Plan (the ex-Kiwi Wealth scheme), so if you were a Tower member, you are now, after two scheme changes, a Fisher Funds KiwiSaver Plan member. Log in at fisherfunds.co.nz to confirm your current scheme and fund.
Can Fisher Funds be accessed through a financial adviser?
Yes. Fisher Funds works with financial advisers throughout New Zealand and some of their products are primarily distributed through the adviser channel.
Key Takeaways
- Fisher Funds is a dedicated active investment manager with decades of NZ market experience
- Consolidating three KiwiSaver schemes into one, the Fisher Funds KiwiSaver Plan (formerly Kiwi Wealth): Fisher Funds TWO (formerly Tower) was wound up into the Plan in June 2026, and the original Fisher Funds KiwiSaver Scheme’s members were due to move across by 6 October 2026
- Plan fees of 0.37% to 1.23%, with the Conservative, Balanced, Growth and Aggressive funds at an estimated 0.85% to 1.23% for the year to 31 March 2027, and no flat member fee in the PDS fee example
- No dedicated ethical or ESG fund
- If you joined years ago via Tower or Kiwi Wealth, your scheme name has likely changed at least once without any action on your part, so check your current statement
For a full comparison across NZ providers, see KiwiSaver providers compared (2026) and how to choose a KiwiSaver fund.