Fidelity Life has sold the management of its KiwiSaver scheme to rival Grosvenor Financial Services Group, making Grosvenor the country's seventh-largest KiwiSaver manager.
Under the cash and equity deal, Grosvenor will manage $600 million worth of assets for nearly 100,000 members.
The terms of the deal are confidential but Fidelity Life will take a minority shareholding in Grosvenor.