Gareth Morgan Investments Limited Partnership (GMI), the funds management business bought by Kiwibank's parent NZ Post last year for up to $58 million, says it has reached the milestone of $2 billion of funds under management.
When the NZ Post/Kiwibank purchase was announced in January 2012, Gareth Morgan Investments said it managed about $1.5 billion including about $650 million of KiwiSaver funds.
In a statement Tracey Berry, GMI’s acting CEO, said reaching the $2 billion mark was proof GMI’s approach to customer service continued to resonate with the public.
“GMI has maintained its commitment to giving people total transparency over their funds, and a prudent investing ethos,” Berry said.
“The business has undoubtedly benefited from a 15% increase in KiwiSaver members due to utilising the Kiwibank store network. But GMI has also increased the amount of private wealth under management through its own sales channel."
Founder Gareth Morgan stepped back from day to day investment management last year.