Fisher Funds sold to community trust
Fisher Funds, which runs the fifth largest KiwiSaver operation, has been sold to the TSB Community Trust.
The trust, which owns TSB bank and exists to benefit the people of Taranaki, had a 49 per cent stake, but has reached an unconditional agreement to buy the remaining 51 per cent of Fisher Funds shares which it does not currently own.
At the end of June, Fisher Funds looked after $3.6 billion of KiwiSaver savings, ranking in size only behind ANZ, ASB, Westpac, and AMP.
Charismatic founder Carmel Fisher, who was already estimated as being worth $55million on NBR’s Rich List, owns a 22 per cent stake in Fisher Funds with her husband Hugh Fisher, but the fund manager described estimates of her wealth as being ‘‘real finger in the air stuff’’.
Investors in Fisher Funds KiwiSaver schemes would not see any changes to the way their money is managed, Fisher said. Two months ago Fisher stepped down as managing director, but remained a director, and continued as a member of Fisher Funds’ investment committee.
She founded Fisher Funds in 1998, and barring the Global Financial Crisis, had been able to grow the business with the dual tailwinds of rising sharemarkets and a continual flow of KiwiSaver money.
The price paid by TSB Community Trust has not been revealed, but Fisher said: ‘‘It has been a great investment for me. I’m an investor and Fisher Funds has been the best investment for me and my husband Hugh. I have done well by creating a successful business.’’
She had profited on two fronts, both by the sale of her shares, and also as an investor in Fisher Funds’ funds alongside ordinary investors.
When TSB bought its first stake in Fisher Funds in 2013, it negotiated an option to buy the rest in 2017. TSB Community Trust won’t retain a 100 per cent shareholding after the deal, however. It plans to sell 34 per cent of its Fisher Funds shares to TA Associates, a global growth private equity firm, leaving the trust with a controlling 66 percent stake.
Fisher said TSB Community Trust was a long-term growth investor, she said. ‘‘It’s been a great investment for them, and I expect it to continue to be.’’
Fisher said she continued to have her private savings invested with Fisher Funds.
The chairman of TSB Group, Hayden Wano said: ‘‘Fisher Funds is an iconic New Zealand business that has built a reputation for excellence in investment management and client service. ‘‘
‘‘Our intention is to continue to build on the great business that exists today, adhering to its values and mission of making investing understandable, enjoyable and profitable for New Zealanders.’’
Fisher Funds will continue to be led by chief executive Bruce McLachlan.