By RNZ
Not-for-profit KiwiSaver provider Simplicity is changing the management of $3 billion of overseas investments to a German-owned investment firm previously accused of greenwashing.
It is shifting the funds from US investment firm Vanguard to German fund manager DWS International, a part of the Deutsche Bank group.
The funds will be set up as New Zealand domiciled, which will mean income earned on overseas investments will pay local tax rates.
“Moving to DWS is in the best interests of members and we now have the scale to do this,” Simplicity managing director Sam Stubbs said.