Sharesies to launch KiwiSaver scheme

Online investment platform Sharesies is to launch a KiwiSaver scheme in the first half of 2023.

The company which has around 500,000 users and $2 billion in funds under management invested through its platform said anyone over 18 could join a waitlist to sign up for the scheme from today.

Sharesies co-founder Leighton Roberts said creating a KiwiSaver scheme was the natural next step in the platform’s evolution.

“It’s always been our intention to broaden our offering to include a range of money opportunities so everyone can grow their long-term wealth, whether they have $5 or $5 million,” said Roberts, who is one of Sharesies’ three CEOs .

“KiwiSaver is an amazing initiative and we’d like to see people become more engaged with theirs. It’s where most New Zealanders are regularly investing. Yet when we asked people about their Kiwisaver account, many didn’t feel connected to this investment.”

The scheme would initially offer a choice of funds and would add more fund options over time.

Roberts said Sharesies had partnered with several fund managers to provide a range of active and passive managed funds covering conservative, balanced and growth styles plus an ethical focus.

The launch of the scheme would provide convenience to investors allowing them to have their NZ, US and Australian shares, exchange-traded funds and KiwiSaver account all in one place.

“Being able to flick seamlessly between investment accounts, either online or in the app, makes it easier for members to monitor and engage with progress towards their financial goals.”

Sharesies Investment Management, a related company of Sharesies, has been licensed to manage the Sharesies KiwiSaver scheme.

Sharesies’ largest shareholder is TradeMe at 13.48 per cent and Discount Nominees, a company owned by John Benton, has the second largest at 9.89 per cent.

Sharesies co-CEO and co-founder Leighton Roberts.

Co-founders Leighton and Brooke Roberts and Sonya Williams each have 5.36 per cent. Icehouse Ventures and Sir Stephen Tindall’s investment company K One W One also own shares in it.

More than three million New Zealanders belong to KiwiSaver and about $90 billion invested is invested via the scheme.

There are 37 KiwiSaver schemes already in the market, according to the Financial Markets Authority’s annual report.