18 Jan 2012

Kiwibank to buy Gareth Morgan Investments

2:42 pm on 18 January 2012

Kiwibank is buying Gareth Morgan's investment business, including his KiwiSaver scheme.

Gareth Morgan Investments manages more than $1.5 billion of funds on behalf of 57,000 clients.

Kiwibank says the purchase will help it rapidly grow its investment and KiwiSaver businesses.

The state-owned bank launched its own KiwiSaver scheme in 2010 which now has 15,000 customers.

Gareth Morgan Investments will operate as a stand-alone entity within Kiwibank and Mr Morgan will remain as a member of its investment strategy team.

The purchase price has not yet been disclosed.