The second largest KiwiSaver firm, with almost $15 billion in funds under management, has picked Simon Power, the ex-head of Television New Zealand, to be its next chief executive.
Power’s appointment at Fisher Funds marks his return to finance - he spent a decade at Westpac, including as acting chief executive, after getting into politics and holding ministerial portolios for commerce, justice, state-owned enterprises, consumer affairs and associate finance in John Key’s government between 2008 and 2011.
“I am excited to be joining Fisher Funds and working with such a talented team of investment and advisory professionals,” Power said in a written press release on Monday afternoon.
“I am committed to continuing the legacy Fisher Funds has created of maintaining and growing the wealth of New Zealanders and putting the interests of our investor clients front and centre.”
Fisher Funds now has $14.9 billion in funds after management after acquiring Kiwi Wealth, making it the second largest KiwiSaver firm. Photo / Dean Purcell
Fisher Funds existing chief executive Bruce McLachlan announced his retirement in the release, saying he would work with Power over the coming months to ensure he transitions smoothly into the role in February next year.
“It has been a privilege to lead Fisher Funds and I am proud of the team and the exceptional service they provide to our clients.”
McLachlan led Fisher Funds for almost seven years and oversaw the acquisition of Kiwi Wealth this year for $310m, and the exit of executives soon after.
Fisher chairman David Clarke thanked him for his contribution to the role as the first non-founder chief executive of the firm.
Fisher Funds exiting chief executive Bruce McLachlan outside its beachfront office in Takapuna, Auckland. Photo / Dean Purcell
“Bruce has led Fisher Funds through a strong period of growth and has remained steadfastly committed to exceptional client service and strong, long-term returns.
“[Power] is joining the business as we complete the full integration of Kiwi Wealth and as we look to the future, leveraging Fisher Funds’ expanded capability to deliver increased value to the retirement savings of over half a million New Zealanders.”
Fisher Funds has doubled in size in the past year after acquiring Kiwi Wealth, making it second only to ANZ.
It was estimated to earn $142 million in fees this year off its $14.9b in funds, according to Morningstar’s September quarter survey of the sector.
Power announced his resignation from TVNZ in April this year and stepped down in June.
He started at the state broadcaster in December 2021 when a TVNZ-Radio New Zealand merger was proposed.
He told the Herald’s Media Insider earlier this year that he was taking a holiday with his family to the United States and carry out research for a PhD on past US Presidents.
Madison Reidy is the host of New Zealand’s only financial markets show Markets with Madison. She joined the Herald in 2022 after working in investment and has covered business and economics for television and radio broadcasters.
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