In the March 2024 quarter, KiwiSaver funds under management increased by $4.6 billion, reaching a total of $108.6 billion. ANZ remains the top KiwiSaver provider with a market share of 18.8% and $20.4 billion in funds under management. Fisher Funds holds the second position with a market share of 15.4% and almost $16.7 billion in funds. ASB is in third place with a market share of 15.3% and $16.6 billion in funds. BT-Westpac and Milford Asset Management round out the top five KiwiSaver providers. The top five collectively hold about 68% of the assets and contribute approximately 69% of the fees [e879cf9b].
KiwiSaver funds across multiple sectors delivered positive returns in the March quarter, with average multisector category returns ranging from 2% to 8.8%. The aggressive category has provided investors with an annualized return of 9.1% over a 10-year period. Morningstar reported estimated annual fees of $849 million in the March quarter, representing an increase of almost 3.8% from December [0734e747].
The first quarter of 2024 saw a sense of cautious optimism in global markets, as central banks maintained interest rates at the same level. Strong US corporate earnings and enthusiasm for technology stocks contributed to the improvement in KiwiSaver investments. The US economy demonstrated strong growth, while the eurozone began to recover. New Zealand's growth was expected to be slow due to higher interest rates [e879cf9b].