The state-owned financial services firm Kiwi Group Holdings (KGH) has hired an investment bank to shop out its fund management company Kiwi Wealth, according to Australian media reports.
The Australian Financial Review reported that (KGH), which is owned by New Zealand Post, the NZ Superannuation Fund and ACC, had appointed investment banking giant Goldman Sachs to test the market for Kiwi Wealth, after receiving a handful of unsolicited approaches for the company.
Kiwi Wealth offers a range of investment products to customers, including KiwiSaver, managed funds and tailored financial advice.
The paper said Australia's wealth management groups were expected to show interest, to see if Kiwi Wealth could complement their existing businesses.