There’s a lot more to selecting a KiwiSaver fund than just checking past returns and fees. If your hard-earned money is invested in KiwiSaver, you need to ask the important questions to understand where and how that money is invested.
Note: The following information is taken from Craigs Kiwisaver Scheme’s own website, fund updates, and the product disclosure statement published as of 20 July 2023.
Updated: 20th July 2023
Reviewed by: Raymond Hu
Craigs KiwiSaver Scheme review
The Craigs KiwiSaver Scheme is part of Craigs Investment Partners Limited, one of New Zealand’s largest investment advisory firms.
Craigs offers a mixture of active and passive investment management across its funds. As an investor, you have the option of customising your portfolio to suit your needs.
Craigs charges management fees that range between 0.25%-1.25%, underlying fees and expenses (vary by fund managers), and performance fees (for the QuayStreet Altum Fund). There is also a scheme administration fee of $30 per annum and brokerage charges for buying and selling securities. Members under 18 are not charged administration fees.
In closing
Craigs offers a wide range of investment options to suit your investment needs. This customisation means that the performance of your KiwiSaver fund varies and is largely based on what securities are included in your portfolio and, potentially, which fund manager you go with.
*Past performance is not necessarily indicative of future performance.
*List is of the highest 5-year returns A-rated funds as per our Investment Selection Process.
*All returns are after fees and tax (28% PIR) as of the quarter ended 30th June 2024.
*Source: National Capital Research August 2024
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A lot has happened since Craigs Investment Partners opened its first office in Whakatane. In 1984 Neil Craig (now Executive Chairman) left his job in the corporate planning division of Tasman Pulp and Paper and established Craig & Co in Whakatane. In 1989, the head office is established in Tauranga and business expansion begins, with new branches opening in Central Auckland, North Shore, Rotorua and Gisborne. Shortly afterward, from 1993 to 1996, Gore, Invercargill, Hamilton, Whanganui, and New Plymouth open their own branches. Fast forward to 2019, they opened their 18th branch in Havelock North & their 19th branch in Nelson. They have over 170 investment advisors across all 19 branches.
In 2020 After a very successful strategic alliance for nearly ten years, an agreement was made for Craigs to acquire Deutsche Bank’s 49.9% equity interest previously held in Craigs. The acquisition is expected to settle in late June 2020 and will place 100% ownership back to Craigs staff shareholders.
Craigs KiwiSaver Scheme has 7,280 KiwiSaver members and over $505 million in funds under management in the KiwiSaver fund.
INFINZ Debt Deal of the Year 2023
INFINZ Research Analyst of the Year – Winner 2019, 2021 (Craigs Investment Partners)
INFINZ NZ Debt market Issuer of the Year – Winner 2022 (Craigs Investment Partners)
INFINZ MinterEllisonRuddWatts Research Analyst of the Year – Winner 2020 (Craings Investment Parters)
INFINZ Chapman Tripp M&A Transaction of the Year – Winner 2020 (Craigs Investment Parters, Investment Banking)
FinanceAsia Achievement Best Investment Bank, New Zealand – Winner 2020 (Craigs Investment Partners, Investment Banking)
FinanceAsia Achievement Best Deal, New Zealand – Winner 2020 (Craigs Investment Partners, Investment Banking)
Euromoney Awards winner of ‘Best Investment Bank in New Zealand’ – Award Winners – 2014, 2015, 2017, 2018 & 2020.
Simon Tong – Cheif Executive Officer
Simon Tong is the new CEO of Craigs Investment Partners. He has experience as a CEO at Fairfax New Zealand Limited and Paymark Limited, and also oversaw Digital, Data, and Brand at ASB Bank Limited. Simon has a background in technology and strategy, and is known for driving change and customer-centricity. He has a Masters of Management from Massey University and is a member of the Institute of Directors New Zealand.
Deidre Copley – Head of Fixed Income | Director
Deidre Copley joined Craigs Investment Partners in 2000 and has over 25 years of experience in financial markets. Her first role within the industry was as an equity analyst in the fund management industry prior to moving into bank treasury roles, then specialising in the origination and distribution of fixed-income securities to the institutional investor market.
Deidre is responsible for fixed income, including product research and management of the fixed income dealing desk. She also oversees the CIP Cash Management Nominees product offering for clients. Further, Deidre is a member of the Craigs Investment Committee.
Deidre was elected a Director of Craigs in 2016. She is a Financial Adviser and a member of both the Institute of Finance Professionals New Zealand Inc. and the Institute of Directors.
Jeremy Williamson – Head of Private Wealth and Markets
Jeremy Williamson is the Head of Private Wealth and Markets at Craigs Investment Partners. He joined the team in 2009 and has provided advice to clients across various industries including Serko, Fonterra, and BP. Jeremy is responsible for overseeing the Private Wealth division and the firm’s private capital market and alternative asset initiatives. He graduated from the University of Auckland with a Bachelor of Laws and Bachelor of Commerce.
Mark Lister – Investment Director
Mark is the Investment Director for Craigs Investment Partners and a member of the Executive Committee. He joined Craigs in 2004 and previously worked in the electricity sector. Mark is an equity analyst and leads the Private Wealth Research team, focusing on economics, portfolio strategy, and investor education. He engages with clients, media organizations, and supports other departments and the leadership team. Mark also plays a crucial role in shaping asset allocation, strategy, and portfolio recommendations as a member of the Investment Committee..
Hannah Gillespie – Head of Strategy
Hannah Gillespie is the new Head of Strategy at Craigs Investment Partners. Her role is to oversee the development, implementation, and reporting of the company’s business strategy. Hannah has experience in providing advisory, strategic, and transactional services. She previously worked as a Director in the Investment Banking team at Craigs Investment Partners, and has also worked for Dentsu Aegis Network and PwC. Hannah holds degrees in Finance and Biochemistry.
Geoff Zame – Head of Institutional Equities
Geoff Zame has a background in equity research, working previously for ABN AMRO and Telecom Corporation NZ. He joined Craigs Investment Partners in 2009 as Head of Equity Research and later became Head of Institutional Equities. He is an accomplished analyst in the fields of Telecommunications, Transport, and Media, and has won awards for his work, including “Analyst of the Year” in 2011. He holds a Bachelor of Commerce and a Graduate Diploma in Applied Finance and Investment. Currently, he works on the Institutional Sales Desk.
Stephen Ridgewell – Head of Institutional Research
Stephen Ridgewell is a Senior Research Analyst at Craigs Investment Partners, specializing in Technology, Healthcare, and Retirement sectors. He has consistently been ranked as the top-rated analyst for the past six years and has won the ‘Analyst of the Year’ award in 2015 and 2018.
Regan Garey – Head of Compliance
Regan Carey is the Compliance Manager at Craigs Investment Partners since July 2005. Before that, he worked at ABN AMRO Bank NV as Head of Trade Surveillance and oversaw compliance for their research department in Hong Kong. Regan has also held various compliance roles in London with Lehman Brothers, Panmure Gordon & Co, and West LB. His main responsibility is ensuring compliance with NZX Regulations, legislation, and global best practices.
The Craigs KiwiSaver Scheme is registered under the KiwiSaver Act 2006 and was established by the Trust Deed dated 27 June 2007 and is now governed by an amended and restated deed dated 15 November 2016 (as amended).
Craigs Investment Partners Superannuation Management Limited (also referred to as “the Manager” or “CIPSML”) is the manager of the Scheme. It is a specialist funds management firm responsible for issuing and managing the Scheme. It is a wholly-owned subsidiary of Craigs Investment Partners Limited (“CIP”).
The Manager utilises the following services in relation to the Scheme:
The Scheme’s investment philosophy and strategy are based on the following principles:
All KiwiSaver Scheme Providers must ensure they meet regulatory standards and act with customer interests in mind.
KiwiSaver Scheme Managers must exercise care, diligence, and skill in the investment of scheme assets, and act in accordance with the stated investment policy and objectives. The FMA monitors that KiwiSaver Schemes are compliant with their obligations. Additionally, KiwiSaver Scheme Trustees also have a responsibility as front-line supervisors for monitoring the management and administration of these schemes.
Craigs Supervisor is The New Zealand Guardian Trust Company Limited. Their experience and reputation have made them the preferred corporate trustee for many of New Zealand’s leading corporations, financial institutions, fund managers, and banks. They are licensed by the Financial Markets Authority under the Financial Markets Supervisors Act 2011 to act as a supervisor of issues to the public in respect of Debt securities KiwiSaver schemes, non-fund schemes, specified managed funds, and superannuation schemes.
A supervisor is a licensed entity independent of a KiwiSaver scheme provider that supervises the provider’s management of the scheme. KiwiSaver schemes are trusts, and (except for restricted KiwiSaver schemes) the terms of the trust deed states that the supervisor (or another custodian) must hold all contributions and investments in trust for the investors.
Craigs’ Custodian is also The New Zealand Guardian Trust Company Limited. A custodian plays a key role in protecting your investments. They hold your money and investments (i.e. keep custody of them) on your behalf. So they are the legal holder of your assets while you are the beneficial and ultimate owner.
The CIP Product Committee is responsible for approving and reviewing the Scheme’s Investment Options and meets at least quarterly. The CIP Product Committee forms part of the Scheme’s governance structure and is authorised by the CIPSML Board.
It ensures that all investments listed as Investment Options have been through an appropriate due diligence review ensuring all investments are either:
Where an Investment Option is not covered by CIP Private Wealth Research, a due diligence review is undertaken by the CIP Product Committee, which includes fund performance and risk, administration functions and a review of the issuing manager’s structure and processes.
Each Scheme member will select investments from the Investment Options Supplement with the benefit of access to advice and assistance from their Craigs Investment Advisers and also through the screening of investments for the Investment Options Supplement by the CIP Product Committee.
Investment Options include global, New Zealand and Australian equities, investment trusts, managed funds, index funds and listed property trusts. Cash can be held in the cash accounts within your portfolio.
The CIP Private Wealth Research team analysts undertake analysis or use analysis from chosen providers, which considers data relating to a particular Investment Option, the industry and markets it operates in, competitive position, and market liquidity together with general and specific economic indicators and commentary.
The key principles of the CIP Private Wealth Research team’s philosophy can be summarised as:
When considering whether an investment should be covered on the list of Investment Options, the CIP Investment Committee considers, amongst other things:
The CIP Product Committee, which operates under CIP’s Conflicts of Interest Policy, is then responsible for determining whether an investment should be included as an Investment Option. Given the broad range of investment types within the Investment Options Supplement and the range of different investment strategies of investors in the Scheme, there are no single attributes or criteria applied by the CIP Product Committee in selecting investments as Investment Options.
Socially responsible investing (SRI) or Environmental, Social and Governance investing (ESG), also known as sustainable, socially conscious, “green” or ethical investing, is any investment strategy which seeks to consider both financial return and social/environmental good to bring about social change regarded as positive by society.
Basically, SRI investing is investing in companies that have a positive impact on society, based on a number of factors.
According to Craigs KiwiSaver Scheme’s Product Disclosure Statement, responsible investment, including environmental, social and governance considerations, is not taken into account in the investment policies and procedures of the Scheme as of the date of their PDS (July 2023). However, some managed funds available as Investment Options have responsible investment policies and procedures. Craigs asks readers to see the offer documents of the relevant fund for more information on the extent to which responsible investment is taken into account.
