30 May 2014

TSB investment exceeds expectations

3:51 pm on 30 May 2014

TSB Bank says its getting more benefit than anticipated from its alliance with, and shareholding in, the Fisher Funds business.

In February last year, TSB took a 26 percent stake in Fisher Funds as part of its $79 million purchase of Tower Investments, which included Tower's default KiwiSaver scheme.

The deal made Fisher Funds the fifth largest KiwiSaver provider.

TSB chief executive Kevin Murphy said it had taken a while to integrate the Tower business and to train its staff to talk to customers about KiwiSaver but the investment was paying off.