Milford, Generate, and Simplicity Lead KiwiSaver Growth in 2024

Milford Asset Management, Generate KiwiSaver, and Simplicity KiwiSaver have experienced significant asset growth over the past five years, according to data from Melville Jessup Weaver. Milford Asset Management added around $6.5 billion in assets, achieving an annual growth rate of 40%. Generate and Simplicity saw annual growth rates of 35% and 47%, respectively. At the time of writing, ANZ Banking Group Limited (NZX: ANZ) holds a 19% market share, maintaining the largest presence in the KiwiSaver market. Smaller providers such as Sharesies and Kernel also saw substantial growth, with Sharesies moving up seven spots in the rankings. The overall market remains concentrated, with the top three providers accounting for 50% of all KiwiSaver members, while the largest ten represent 90%. The number of default members slightly increased to 341,000 as of March 2024.

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