Fisher Funds is acquiring Aon New Zealand’s KiwiSaver scheme and Master Trust superannuation businesses. The transaction is expected to complete at the end of November.

The transaction involves over 21,000 KiwiSaver and Master Trust members, and approximately $1 billion will be added to Fisher Funds’ existing $14.5 billion of funds under management, said Bruce McLachlan, Fisher Funds’ CEO.

“This will build on our strong organic growth and the growth in our clients’ investment balances in recent times,” McLachlan said. “The Aon New Zealand KiwiSaver scheme and Master Trust businesses particularly appealed to us due to their clients’ affinity to high-quality active management investment solutions. This aligns with Fisher Funds ethos of delivering outstanding client outcomes.”

All employees of the acquired operations will be offered roles at Fisher Funds. Upon completion of the transaction, there will be an extended transition period to allow the Aon businesses to be fully integrated into Fisher Funds. Until the transaction completes, each business will continue to operate separately with no changes for members, Fisher Funds said.