By Amanda Morrall
OnePath, the largest KiwiSaver provider by market share with more than NZ$2.5 billion under management, was doubled crowned by research house Morningstar who named the provider KiwiSaver and fund manager of the year at an awards banquet Thursday evening in Auckland.
This is the second consecutive year OnePath has taken top honours in KiwiSaver, beating out this year finalists Westpac and Milford Asset Management.
Morningstar said OnePath won on the basis it offered Kiwi investors a "quality range of investment options run according to a disciplined asset allocation framework that has generally performed ahead of rivals over both last year and the last four years.''
According to Morningstar's most recently quarterly report on KiwiSaver, OnePath's conservative default fund has delivered after fee (before tax) returns of 5.2% per annum for four years making it the best performer among the default providers and their default funds. See interest.co.nz's performance ranking list for a full range of providers here.
OnePath was commended for its commitment to transparency in fee reporting as well as for its investment team.
Morningstar's co-head of research Chris Douglas said OnePath's suite of KiwiSaver options made it "the best all around solution for New Zealander's retirement savings needs."
In addition to also winning the grand title of fund manager of the year, OnePath was also a finalist in the international and fixed interest categories. (See category winners below).
"OnePath's achievement is a testament to the quality of the firm's processes and people, and the consistent results the fund manager has produced for investors in its funds," said Douglas.
In determining the winners, Morningstar uses both qualitative research and quantitative analysis of risk-adjusted performance. (For more on the selection process see Amanda Morrall interview with Chris Douglas here).
New Zealand Fund Manager of the Year
Finalists: AMP Capital Investors, Milford Asset Management
Finalists: Westpac, Milford Asset Management
Winner: Tower BondPlus
Finalists: AMP Capital, OnePath
Winner: Fisher Funds
Finalists: Milford Asset Management, AMP Capital
Winner: Brook Walter Scott
Finalists: Elevation Capital, OnePath