The total market also grew by 18.5% over the year, ending 2025 with $254.4 billion NZD in funds under management, according to the latest PFL New Zealand report.
“Quarterly growth was attributed to a combination of net fund inflows and strong investment outcomes,” said David Gallagher, executive director of research at Rainmaker Information.
“In dollar terms, KiwiSaver funds achieved the highest quarterly growth for the period, and managed funds and unit trusts generated the highest quarterly and annual growth in percentage terms.”
The 18.5% annual growth saw funds under management increase from $214.7 billion NZD to $254.4 billion NZD, of which $22.9 billion NZD of the growth (58%) was attributed to investment earnings, $14.2 billion NZD (36%) from net fund inflows and $2.6 billion (6%) from transfers.
“The annual investment growth of assets of $22.9 billion NZD equated to a return of 10.7% over the year,” said Gallagher.
At the asset class level, growth products experienced the largest increase in funds under management, growing from $66.7 billion NZD to $82.4 billion NZD, an increase of 23.5%.
“In terms of overall market share, balanced investment products experienced a 148-basis point increase in their allocation, the largest of all asset classes.”
“International equities across Europe, America and Asia Pacific had large increases to their funds under management in percentage terms, but as they started from a lower base, they experienced a small decrease to their share of the overall investment pool,” said Gallagher.
Domestic property securities was the only market to see a decrease in funds under management.
Milford Asset Management was a standout in terms of growth in funds under management, growing $7.9 billion dollars in the year to 30 September, while also leading by market share of 11.72%.
Milford captured the largest increase in market share over the year, with a growth of 154 basis points, followed by FundRock with a growth of 100 basis points.
| Company | September 2024 (NZD) | September 2025 (NZD) | Change (NZD) | Market Share as at September 2025 |
| Milford Asset Management | $21,851,000,000 | $29,801,000,000 | $7,950,000,000 | 11.7% |
| ASB Group Investments | $25,173,000,000 | $28,976,000,000 | $3,803,000,000 | 11.4% |
| ANZ Investments | $25,379,000,000 | $26,727,000,000 | $1,348,000,000 | 10.5% |
| Fisher Funds Group | $21,170,000,000 | $23,066,000,000 | $1,896,000,000 | 9.1% |
| BT / Westpac NZ Group | $18,117,000,000 | $19,632,000,000 | $1,514,000,000 | 7.7% |
| NZX/Smartshares Group | $14,400,000,000 | $16,827,000,000 | $2,427,000,000 | 6.6% |
| AMP NZ Group | $11,584,000,000 | $12,776,000,000 | $1,192,000,000 | 5.0% |
| FirstCape Group | $9,697,000,000 | $11,789,000,000 | $2,092,000,000 | 4.6% |
| Mercer NZ | $11,193,000,000 | $11,010,000,000 | -$182,000,000 | 4.3% |
Originally published at https://www.rainmaker.com.au/media-release/new-zealand-funds-grow-7-5-in-q3-2025
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