AMP is to expand its KiwiSaver offering.
The provider will add 16 funds to its existing 11 KiwiSaver options, and nine more to the NZ Retirement Trust offerings, which currently sit at 18.
The new options will be available near the end of the month.
They will be provided by external providers including ANZ, ASB, Fisher Funds and Nikko.
AMP Capital funds will also be offered to KiwiSaver members – including its multi-asset fund and income generator, which will also be offered to NZ Retirement Trust members for the first time.
The income generator fund is designed to cater for investors looking for income in a low-yield environment, while the multi-asset fund uses risk-mitigation strategies to manage market volatility.
The changes are reportedly primarily aimed at providing more choice to AMP’s KiwiSaver members, especially those who were taking a more DIY approach to their investment.
AMP advisers are believed to be set to get training in the new fund on offer but those spoken to by Good Returns said they had not yet been given any information.
AMP has suffered over recent years as banks have picked up market share. Its most recent financial statement shows $218 million was transferred to other superannuation schemes in the year to March, down from $223.4 million the previous year.