Chapman Tripp Assists On Sale Of Kiwi Wealth Business To Fisher Funds

Chapman Tripp is pleased to have advised Kiwi Group Holdings Limited (KGHL) on the sale of Kiwi Wealth to Fisher Funds for NZ$310 million.

Under the terms of the deal, which is conditional on approval by the Overseas Investment Office, the acquisition will see the Kiwi Wealth business integrated into Fisher Funds over time. Fisher Funds will also enter into a strategic partnership with Kiwibank, with the bank referring KiwiSaver customers to Fisher Funds.

Chapman Tripp’s specialist mergers and acquisitions team was led by partner Josh Blackmore, with assistance from senior associate Tom Jemson and senior solicitor Lacey Fulford. Kelly McFadzien, partner, led the team working on the strategic partnership between Fisher Funds and Kiwibank and the transitional arrangements for the transaction, and was aided by senior solicitor Dan Chan.

Financial services regulatory advice in connection with all aspects of the transaction was provided by consultant Kara Daly, and specialist tax advice by special counsel Vivian Cheng.

KGHL Chair Dame Paula Rebstock says that the deal is a positive result that will enable the Kiwi Wealth business to grow as a part of the Fisher Funds family and continue to deliver for its customers across New Zealand.

“Kiwi Wealth's more than 270,000 members will be gaining access to Fisher Funds’ award-winning advice and active investment team,” said Dame Paula.

The deal follows on from KGHL’s sale of Kiwi Insurance to nib earlier this year, which the Chapman Tripp team also advised on.

Blackmore said, “We are pleased to have played our part, alongside the other advisors, to help make this transaction happen. We thoroughly enjoyed working with the KGHL team, alongside Kiwibank, Kiwi Wealth and Kiwi Insurance, to help achieve two outstanding results for KGHL in the last 12 months. We congratulate all involved.”

Macayla Hughes, Head of Legal Corporate, said the Kiwibank team enjoyed the experience of working with Josh, Kelly and the Chapman Tripp team on these two transactions over the last 12 months.

“We really valued their practical and solutions focussed advice on these transformative projects,” she says.

KGHL is jointly owned by NZ Post, the New Zealand Superannuation Fund and the Accident Compensation Corporation.

© Scoop Media