The TSB Community Trust, through its Group companies, has had a shareholding in Fisher Funds since 2013.
The group, which currently owns 49% of Fisher Funds having increased its shareholding from 26% in September 2015, had an option to acquire the balance of the company in 2017 and has chosen to exercise that option. In addition, TSB Group has reached agreement to initially sell a 24.99% shareholding in Fisher Funds to TA Associates, a global growth private equity firm with extensive funds management experience. The intention is that the TA Associates shareholding will subsequently increase to 34% following receipt of required regulatory approvals, leaving the Group with a controlling 66% stake in the Company.
With over 270,000 clients and $7 billion under management, Fisher Funds is New Zealand’s 5th largest KiwiSaver provider and 5th largest fund manager overall. It will continue to be led by Chief Executive Bruce McLachlan and there will be no change to the personnel or operations of the Company as a result of this transaction.
Carmel Fisher, who retired from her executive role in May 2017, will remain as a Director on the Fisher Funds board and a member of the Investment Committee.
The Fisher Funds Board of Directors will remain largely unchanged, being:
– Sir John Wells (Chair)
– Carmel Fisher
– Jonathan McHardy
– Anne Blackburn
– David Clarke
– Edward Sippel
Settlement will be completed in August 2017.