State-owned financial services firm Kiwi Group Holdings (KGH) has confirmed it has hired an investment bank to test the market for its fund management company Kiwi Wealth.
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It has appointed Goldman Sachs to lead the process of looking at possible options for the sale of Kiwi Wealth.
Kiwi Wealth offers a range of investment products, including KiwiSaver, managed funds and tailored financial advice.
KGH is majority owned by New Zealand Post, with the New Zealand Superannuation Fund and the Accident Compensation Corporation owning the rest.
KGH chair Dame Paula Rebstock said Kiwi Wealth had performed strongly over recent years but the time was right to test the market interest.
"While there is no predetermined outcome to this process and the status quo remains an option, it is prudent to consider potential buyer interest especially from those that are committed to building the scale and specialisation in investment management services that ultimately benefits customers," Dame Paula said.
Kiwi Wealth chief executive Rhiannon McKinnon said it was still business as usual for the company and its "focus will continue to be on providing competitive KiwiSaver and wealth management services, and delivering results for our customers".