A new report profiling and comparing KiwiSaver providers highlights Simplicity's sharp growth spurt leading up to its second birthday.
In the 12 months to March 31st, 2018, Simplicity grew by almost 166%. That's according to an annual KiwiSaver report prepared by Investment News as KiwiSaver celebrates its 11th anniversary. The full report is available here.
As the table below shows Simplicity's membership grew by 7,052 by the year ending March 31, 2018.
The year-on-year growth dwarfs Simplicity's overall membership which stands now at 16,800 between its investment and KiwiSaver funds. Together, the funds under management have risen to $561 million. Fee savings to members has risen to more than$5.8 million. Check out our dashboard numbers here.
Simplicity's acceleration has been positive for Kiwi charities too. Funds available for donation now exceed $250,000.
Under a scenario whereby Simplicity gains 10% of market share of KiwiSaver by 2030, the nonprofit fund manager could be donating $10 million a year.