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AMP KiwiSaver scheme to go passive, and slash fees – Stuff.co.nz

Nearly 2020 savers in AMP scheme told their funds will go passive, fees slashed.

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AMP KiwiSavers nearly 220,000 members have been told the scheme will move from active to passive fund management, and slash fees.
The scheme, which contains around $6.2 billion of peoples savings, will transfer the management of its funds to US-based fund manager BlackRock by the middle of next year.
The schemes funds are currently managed by AMP Capital, which will also lose the management of AMPs other non-KiwiSaver funds to BlackRock.
Earlier this year AMP suspended attempts to sell its…

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