Fisher Funds KiwiSaver Review NZ 2026 — Fees, Funds, Performance and Who It Suits

Fisher Funds is one of New Zealand’s largest and longest-standing independent investment managers, with a KiwiSaver offering that has grown significantly since acquiring Tower KiwiSaver in 2013 and KiwiBank’s Kiwi Wealth assets over subsequent years. Unlike the bank providers, Fisher Funds is a dedicated investment management firm — which gives it a different character and a stronger claim to active management expertise.

Whether that expertise translates into better returns for KiwiSaver members — after fees — is the central question this review examines.

Disclosure: MoneyBalance does not have a commercial relationship with Fisher Funds. This review is based on publicly available information and general market knowledge. Always verify current fees, fund details, and performance figures directly with Fisher Funds before making any decision.

For a comparison across providers, see Best KiwiSaver providers NZ (2026).

Fisher Funds KiwiSaver at a Glance

Two KiwiSaver Schemes — What’s the Difference?

Fisher Funds operates two separate KiwiSaver schemes, which causes significant confusion for members and researchers alike.

Fisher Funds KiwiSaver Scheme:

• The original Fisher Funds scheme, directly sold and advised
• Access typically through Fisher Funds directly or financial advisers
• Higher minimum balance requirements in some funds

Fisher Funds Two KiwiSaver Scheme (formerly Tower KiwiSaver):

• The larger, broader-access scheme acquired from Tower
• Default-accessible — this is the scheme most members join directly online
• More fund options at similar fee levels

Both schemes are regulated the same way. For most members joining Fisher Funds today, the Fisher Funds Two scheme is the relevant product. Check which scheme you are in if you are an existing member.

Fisher Funds’ Fund Range

Fund options across both schemes include:

Fees are approximate. A flat annual member fee also applies. Verify current fees and fund details at fisherfunds.co.nz.

For an overview of how growth and defensive asset allocations work across fund types, see KiwiSaver fund types explained.

Fisher Funds’ Active Management Approach

Fisher Funds is a concentrated, active stock picker — their investment philosophy involves identifying a relatively small number of high-conviction investments rather than holding the broad index. This is the opposite approach to passive providers like Simplicity, which hold the market in proportion.

The case for Fisher Funds’ approach:

• Concentrated portfolios can outperform broad indices when the investment team makes good calls
• Fisher Funds has a long history in NZ and has built genuine analytical capability over decades
• Some of their funds have delivered periods of strong performance relative to benchmarks

The case against:

• Higher fees (1.10%–1.45%) mean the investment team must consistently outperform the index by at least 0.8%–1.1% per year just to match a passive fund’s after-fee result
• Sustained outperformance after fees is rare and difficult to achieve consistently over 20+ year periods
• Concentrated portfolios can also underperform significantly — the same approach that allows upside creates downside risk

The honest assessment: Fisher Funds has delivered competitive returns in some periods, but so have many active managers — the question is sustainability. Members should look at 10-year after-fee returns relative to benchmark, not 3-year figures which can reflect market conditions rather than skill.

Fisher Funds Fees — The Key Weakness

Fisher Funds’ fees are among the highest in the New Zealand KiwiSaver market.

Fee comparison — growth-equivalent fund on $50,000 balance, 10 years (8% gross return):

The Fisher Funds Growth fund charges approximately $6,400 more over 10 years than a Simplicity equivalent on a $50,000 balance. On a $150,000 balance at retirement, the 10-year cost differential approaches $20,000.

For the fee to be justified, Fisher Funds would need to deliver approximately 1.00% per year in gross outperformance of the index — consistently, over a 10+ year period. That is a high bar. Historical evidence across the global fund management industry suggests most active managers do not clear it over long horizons.

This does not mean Fisher Funds is not worth considering — it means the performance track record deserves careful scrutiny.

Performance Record

Fisher Funds is one of the providers where performance data is most worth investigating. Because they charge premium fees and claim to justify it through active management skill, their actual track record should be examined carefully.

What to look up:

• Morningstar KiwiSaver survey — quarterly, free, shows after-fee returns by fund and category
• FMA annual KiwiSaver report — industry-level data
• Fisher Funds own performance reporting — compare against benchmark (typically the relevant market index)

What to look for:

• Compare after-fee returns (not gross returns)
• Compare against the same risk category peer group (growth vs growth)
• Focus on 5-year and 10-year periods — 3-year data is too short and too influenced by market timing

Fisher Funds has historically shown competitive performance in some funds over some periods. However, the fee level means that even strong gross performance can result in average or below-average net returns for members.

Two Specialist Funds Worth Noting

Property & Infrastructure Fund: Fisher Funds offers a KiwiSaver fund focused on property and infrastructure assets — a relatively unusual option within the KiwiSaver universe. For members who want specific exposure to this asset class within KiwiSaver, this is one of the few dedicated options available. Note the fees are among the highest (~1.40%).

Australian Growth Fund: A specialist fund investing in Australian equities. Again, unusual within KiwiSaver. Members who want concentrated Australian exposure may find this useful — though the fee (~1.45%) is very high for a single-market fund.

Both specialist funds are appropriate only for sophisticated investors who understand the concentration risk and are comfortable with the fee level.

Pros and Cons

Pros:

• Long-standing NZ investment management firm with genuine active management capability
• Specialist funds (property/infrastructure, Australian equities) unavailable elsewhere in KiwiSaver
• Two KiwiSaver schemes giving broad access
• Strong analytical team with deep NZ market knowledge
• Large FUM provides operational stability

Cons:

• Fees (0.85%–1.45%) are among the highest in the market — substantially above passive alternatives
• Active management fees require consistent gross outperformance to justify — a high and historically difficult bar
• No dedicated ethical or ESG fund
• Not a default provider
• Two-scheme structure creates confusion for members

Who Fisher Funds KiwiSaver Suits

Fisher Funds KiwiSaver may suit:

• Members who genuinely believe in active stock-picking over passive indexing and want a NZ-based manager with a long history
• Members who want specialist fund exposure (property/infrastructure, Australian equities) unavailable elsewhere in KiwiSaver
• Members advised by financial advisers who recommend Fisher Funds based on their full financial picture
• Members with very large balances where adviser guidance adds value and fees are proportionally smaller

Fisher Funds KiwiSaver is probably not suited to:

• Members primarily focused on maximising long-term balance — the fee gap from passive providers compounds heavily over time
• Young members starting KiwiSaver with decades ahead of them — the compounding fee cost is greatest over long horizons
• Self-employed members contributing voluntarily, where every dollar in fees is personal money
• Members doing the maths on their first home withdrawal — fees reduce the withdrawable balance

Switching from Fisher Funds

The process is the same as all KiwiSaver switches:

1. Choose a new provider and apply online
2. The new provider contacts Fisher Funds and arranges the transfer
3. Balance transfers within approximately 35 days
4. Employer contributions redirect automatically

Your membership history and first home withdrawal eligibility are preserved. See the KiwiSaver provider switching guide for details.

Frequently Asked Questions

Is Fisher Funds KiwiSaver worth the higher fees?
It depends on whether their after-fee returns justify the premium. This requires looking at their actual 5- and 10-year performance data relative to passive index benchmarks. The burden of proof is on an active manager charging 1.30% to demonstrate they consistently beat a 0.31% passive fund by enough to make up the difference — and then some. Check the Morningstar data before deciding.

What is the difference between Fisher Funds and Fisher Funds Two?
Fisher Funds Two (formerly Tower KiwiSaver) is the broader-access scheme with more members. Fisher Funds (the original scheme) has historically had higher minimums and was more adviser-focused. Both are regulated the same way. If you are joining directly online, you will typically enrol in Fisher Funds Two.

Does Fisher Funds KiwiSaver have an ethical fund?
No dedicated ethical fund exists in either scheme. Some ESG considerations are incorporated into the investment process, but there is no screened or socially responsible fund option.

I was enrolled in Tower KiwiSaver years ago. Is that still Fisher Funds?
Yes. Fisher Funds acquired Tower’s investment management assets and the Tower KiwiSaver scheme was transferred to Fisher Funds Two. If you are an old Tower member who has not checked their account recently, log in at fisherfunds.co.nz.

Can Fisher Funds be accessed through a financial adviser?
Yes. Fisher Funds works with financial advisers throughout New Zealand and some of their products are primarily distributed through the adviser channel. If you have an adviser, they may recommend Fisher Funds based on your broader financial plan.

Key Takeaways

• Fisher Funds is a dedicated active investment manager with decades of NZ market experience
• Operates two KiwiSaver schemes — Fisher Funds and Fisher Funds Two (formerly Tower KiwiSaver)
• Fees of 0.85%–1.45% are among the highest in the NZ KiwiSaver market
• Specialist funds (property/infrastructure, Australian equities) are a genuine differentiator
• The fee level requires careful scrutiny of after-fee returns before committing — active management must outperform by at least 1% p.a. to justify the cost over passive
• No dedicated ethical or ESG fund

For a full comparison across NZ’s top providers, see Best KiwiSaver providers NZ (2026) and how to choose a KiwiSaver fund.