Funds Management, KiwiSaver and Superannuation

With the amount of funds available for investment in New Zealand and overseas increasing, there will be significant opportunities for fund managers in the coming years. However, challenges exist in the form of greater scrutiny from policymakers and the public, a moving regulatory landscape, pressure on fees and increased compliance costs.
 
We understand the regulatory and legislative framework applicable to the funds industry and help our clients achieve their commercial objectives within that framework.
 
Our lawyers work alongside fund managers, trustees, supervisors, financial advisers, custodians, investors and employers to navigate the red tape, and have the market expertise to get the job done efficiently and effectively.

Funds management

We advise on the establishment, operation, restructure and wind up of wholesale and retail funds and investment schemes (including superannuation schemes), as well as the development and design of schemes, including on tax efficient structures.
 
Our expertise in this area also includes:

• Preparing trust deeds, product disclosure statements and other documentation such as fund updates and annual reports.
• Advising listed funds and retail funds on their obligations under the FMCA.
• Advising offshore fund managers on offering products into New Zealand, including under the mutual recognition regime between Australia and New Zealand.
• Advising on due diligence and compliance processes and liability under the FMCA.
• AML/CFT issues, CDD and reporting.
• Obtaining exemptions under the FMCA and the AML/CFT Act.

KiwiSaver and superannuation

KiwiSaver has made the funds industry relevant for the majority of New Zealanders and resulted in a much greater focus on the management of New Zealanders' wealth. We have been involved with KiwiSaver since its conception and are well versed in advising on all aspects concerning KiwiSaver as well as other superannuation schemes.

Financial advisers and financial services providers

We advise on all aspects of financial adviser regulation and work closely with clients, law makers and regulators to shape law and policy to reflect business practice.

Employee share schemes

We have significant experience advising many of New Zealand's listed companies on their executive and employee share schemes, as well as overseas employers offering employee share schemes to New Zealand employees. In addition, we have advised on the structuring and establishment of management incentive schemes for start-ups and in the private equity context.

Our recent experience includes advising:

• NZ Funds on the establishment of a new investment fund called Income Generator. We advised on disclosure materials and liaised with the FMA in relation to the application of the market index requirements.
• Various clients on the implementation of New Zealand's new financial adviser regime, which came into force in March 2021.
• Oyster Management on the establishment and offering of a number of property funds with several different structures and features.
• Fisher Funds on its acquisition of Aon New Zealand's KiwiSaver and superannuation master trust business.
• Various clients on investment management, custodial and administration agreements.
• Clients on offers of financial products in New Zealand, including by overseas issuers, and reliance on exclusions.