ANZ Investments
NegativeEstablished 2007 · 40 funds Default Provider
Best 5yr
16.0% pa
Fees from
0.25% pa
Sentiment
29/100
AUM
$23.2B
Community Sentiment
Investors who discuss ANZ Investments KiwiSaver publicly tend to view it unfavourably, most commonly citing poor long-term fund performance relative to peers and fees considered too high for the returns delivered. Community forums show a clear pattern of members either having already switched to lower-cost providers like Simplicity or Kernel, or actively seeking advice on how to do so. Trust concerns have also emerged, with a notable community backlash over how ANZ communicated a government KiwiSaver policy change to its members. On the positive side, ANZ's large membership base and its role in helping over 115,000 Kiwis access first-home withdrawals reflect the scheme's practical scale and utility.
- ANZ's funds are widely regarded in online communities as consistently ranking near the bottom of KiwiSaver performance tables, a reputation that has persisted since the scheme began in 2007.
- Many members and online commentators feel ANZ's annual fund charges are too high given the below-average returns, especially when low-cost index fund providers charge significantly less.
- There is a visible and growing trend of KiwiSaver members switching away from ANZ to boutique or independent providers, driven largely by dissatisfaction with performance and fees.
- A heavily upvoted community post raised concerns about ANZ's communications around a government policy change, with members feeling the bank's messaging was designed to obscure a reduction in member benefits.
- ANZ's KiwiSaver scheme does not charge performance fees despite using active fund management, which is noted as a structural positive by some analysts, though it has not been enough to offset broader sentiment concerns.
Sentiment Overview
Score: 29/100
Based on social media, reviews, and news mentions
Example Fund
OneAnswer Sustainable Int Shr
Who is ANZ Investments?
ANZ New Zealand Investments Limited is the dedicated investment management arm of ANZ Bank New Zealand — itself a subsidiary of the Australia and New Zealand Banking Group (ANZ Group), one of Australasia's four major banking institutions. With more than NZD $30 billion in funds under management, ANZ Investments stands as one of New Zealand's largest — and arguably *the* largest — retail fund managers operating in the country today.
The business has been active in New Zealand's investment management space for nearly 30 years, with roots tracing back through the ING brand, which ANZ acquired following ING Group's post-2008 global financial crisis restructure. That long operating history, combined with its scale, gives ANZ Investments a level of institutional depth that few local competitors can match.
ANZ Investments operates two separate KiwiSaver schemes — the ANZ KiwiSaver Scheme and the OneAnswer KiwiSaver Scheme — alongside a broader suite of managed funds, the OneAnswer Portfolio Service, and the bespoke ANZ Private wealth management service for high-net-worth clients (minimum NZD $1.5 million to invest). The OneAnswer brand is a legacy of the ING era and has been maintained for its established investor base rather than consolidated, which can occasionally create confusion for newer investors comparing fund options.
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Investment Philosophy
ANZ Investments employs a blended approach, combining both active management and passive management strategies across its fund range. The team uses asset allocation, manager selection, and currency risk management as its primary investment levers — positioning this as a value-add proposition rather than simply tracking an index at low cost.
Diversification sits at the core of every fund ANZ Investments manages. Across its Conservative, Balanced, and High Growth fund options, the portfolio is spread across multiple asset classes — New Zealand and international shares, fixed interest, listed property, and cash — with the weighting between growth and income assets adjusted to match each fund's risk profile. The ANZ KiwiSaver High Growth Fund, for example, allocates approximately 95% to growth assets, with a minimum suggested investment timeframe of nine years.
ANZ Investments holds membership with the Responsible Investment Association Australasia (RIAA) and has been designated a Responsible Investment Leader — a formal signal that environmental, social, and governance (ESG) factors are integrated into the investment selection and portfolio management process. The emphasis appears to be on ESG integration rather than blanket exclusionary screening, though specific exclusion policies are detailed in each fund's disclosure documents.
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Fee Structure Explained
ANZ Investments does not position itself as a low-cost provider. Annual fund charges for balanced-style funds sit at approximately 1.10%, with fees varying across the fund range depending on the asset mix and level of active management involved. Specific fee schedules for every fund are disclosed in each scheme's Product Disclosure Statement (PDS), which is publicly available on the Disclose Register.
To put that in context: New Zealand's passive-only KiwiSaver providers regularly offer comparable growth-oriented funds at 0.20%–0.50% per annum. The gap between ANZ Investments' fees and lower-cost passive alternatives is meaningful when compounded over a full working life — a difference of 0.60–0.90 percentage points annually can translate to tens of thousands of dollars by retirement age. We at WealthWatch emphasise this not as a criticism of ANZ Investments' approach, but as a material factor every investor should weigh deliberately.
The firm's implicit argument is that active management — through superior asset allocation, manager selection, and risk management — justifies the premium. Whether that argument holds over a full market cycle is a question every investor should test against each fund's net-of-fees performance data. *Past performance is not an indicator of future returns.*
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Who Should Consider ANZ Investments?
ANZ Investments' breadth and scale make it a credible option for a wide range of New Zealanders, but it is not a one-size-fits-all solution. Based on our analysis, the provider is best suited to investors who value:
Potential fit for:
- Existing ANZ bank customers who prefer to consolidate their banking and investment relationship under one institution
- Investors who value active management oversight and are comfortable paying a fee premium for a professional investment team making allocation decisions
- OneAnswer investors with legacy accounts who benefit from a comparable fund range and see no compelling reason to switch
- High-net-worth individuals seeking a genuinely bespoke service, where ANZ Private's relationship-driven model has a clear value proposition
- Investors who want ESG integration without committing to a purely values-based fund provider
Less suited to:
- Cost-conscious accumulators in the early-to-mid stages of their careers, where fee drag over decades is most damaging to compounding returns
- Passive investing advocates who believe markets are efficient enough that index exposure at minimal cost will outperform active management net of fees over time
- Self-directed investors who want granular control and transparency over individual holdings without paying for managed fund structures
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The WealthWatch Verdict
ANZ Investments carries genuine institutional credibility — $30 billion in funds under management, nearly three decades of operating history, FMA licensing under the Financial Markets Conduct Act 2013, and a diversified product range that genuinely serves investors from first-time KiwiSaver members through to multi-millionaire private clients. That breadth is rare in the New Zealand market and should not be understated.
The core tension, however, is the fee structure. At approximately 1.10% per annum for balanced-style funds, ANZ Investments sits meaningfully above the low-cost passive alternatives now available to New Zealanders. For those fees to be justified over time, the active management overlay needs to consistently deliver net-of-fees outperformance — and independently verified, long-run evidence for that in the New Zealand KiwiSaver context is mixed across the industry. *Past performance is not an indicator of future returns.*
We at WealthWatch rate ANZ Investments as a solid, trustworthy provider — but not an automatic default choice. The dual-scheme structure (ANZ KiwiSaver and OneAnswer KiwiSaver) adds unnecessary complexity for new members comparing options, and the fee premium demands scrutiny rather than assumption. If you are an existing customer who values the convenience of the ANZ ecosystem, or someone who genuinely benefits from personalised advisory support, ANZ Investments warrants serious consideration. If your primary objective is maximising long-term retirement wealth through low-cost, index-style exposure, we recommend comparing ANZ Investments' net-of-fees returns directly against passive alternatives before committing.
WealthWatch Sentiment Score: 3.5 / 5 — Established, capable, and well-regulated. The fee premium requires active justification.
> *This review is general information only and does not constitute personalised financial advice. We recommend consulting a licensed financial adviser before making KiwiSaver or investment decisions.*
Contact Details
| Fund Name | Type | Risk | 1yr | 3yr | 5yr | Fees |
|---|---|---|---|---|---|---|
| ANZ High Growth | aggressive | 12.6% | — | — | 0.98% | |
| GoalsGetter Amova SRI Equity | australasian_shares | 1.9% | 6.0% | 1.7% | 1.15% | |
| OneAnswer Australasian Share | australasian_shares | 2.5% | 6.5% | 1.2% | 1.02% | |
| ANZ Balanced | balanced | 8.5% | 8.7% | 4.1% | 0.89% | |
| ANZ Balanced Fund | balanced | — | — | — | 0.85% | |
| ANZ Cash | cash | 3.7% | 5.0% | 3.5% | 0.25% | |
| GoalsGetter Amova NZ Cash | cash | 3.7% | 5.1% | 3.6% | 0.40% | |
| ANZ Conservative | conservative | 5.6% | 6.2% | 2.1% | 0.63% | |
| ANZ Conservative Fund | conservative | — | — | — | 0.75% | |
| ANZ Default Fund | conservative | — | — | — | 0.65% | |
| GoalsGetter Amova NZ Corporate Bond | fixed_interest | 5.0% | 6.5% | 1.9% | 0.70% | |
| OneAnswer Intl Fxd Int | fixed_interest | 4.0% | 4.1% | -1.3% | 0.53% | |
| OneAnswer NZ Fixed Interest | fixed_interest | 4.8% | 5.5% | 0.6% | 0.37% | |
| ANZ Balanced Growth | growth | 9.8% | 9.9% | 5.2% | 0.92% | |
| ANZ Growth | growth | 11.2% | 11.2% | 6.3% | 0.98% | |
| ANZ Growth Fund | growth | — | — | — | 0.95% | |
| GoalsGetter Amova Balanced | growth | 7.7% | 10.1% | 3.5% | 1.14% | |
| GoalsGetter Amova Growth | growth | 8.2% | 12.0% | 4.3% | 1.29% | |
| GoalsGetter Amova ARK Disruptive Innovt | international_shares | 27.6% | 39.5% | -4.6% | 1.45% | |
| GoalsGetter Amova Global Shares | international_shares | 7.7% | 19.1% | 12.2% | 1.35% | |
| OneAnswer Intl Share | international_shares | 15.9% | 18.0% | 11.6% | 1.00% | |
| OneAnswer Sustainable Int Shr | international_shares | 13.7% | 22.9% | 16.0% | 0.95% | |
| ANZ Default Scheme-Balanced | miscellaneous | 8.5% | 8.7% | 4.1% | 0.91% | |
| ANZ Default Scheme-Balanced Gr | miscellaneous | 9.8% | 9.9% | 5.2% | 0.95% | |
| ANZ Default Scheme-Cash | miscellaneous | 3.7% | 5.0% | 3.5% | 0.26% | |
| ANZ Default Scheme-Cnsrv Bal | miscellaneous | 6.7% | 7.3% | 3.0% | 0.76% | |
| ANZ Default Scheme Consrv | miscellaneous | 5.7% | 7.0% | 2.8% | 0.46% | |
| ANZ Default Scheme-Growth | miscellaneous | 11.2% | 11.2% | 6.3% | 0.99% | |
| ANZ Defualt High Growth | miscellaneous | 12.5% | — | — | 0.99% | |
| OneAnswer Balanced | miscellaneous | 8.5% | 8.7% | 4.1% | 0.90% | |
| OneAnswer Balanced Growth | miscellaneous | 9.8% | 9.9% | 5.2% | 0.93% | |
| OneAnswer Cash Fund | miscellaneous | 3.7% | 5.0% | 3.5% | 0.26% | |
| OneAnswer Conservative | miscellaneous | 5.6% | 6.2% | 2.1% | 0.64% | |
| OneAnswer Conservative Bal | miscellaneous | 6.7% | 7.3% | 3.0% | 0.76% | |
| OneAnswer Growth Fund | miscellaneous | 11.2% | 11.2% | 6.3% | 0.99% | |
| OneAnswer High Growth | miscellaneous | 12.5% | — | — | 0.99% | |
| ANZ Conservative Balanced | moderate | 6.7% | 7.3% | 3.0% | 0.75% | |
| GoalsGetter Amova Conservative | moderate | 5.7% | 7.0% | 2.4% | 0.90% | |
| OneAnswer Australasian Prpty | property | 10.5% | 4.4% | -1.9% | 1.03% | |
| OneAnswer Intl Property | property | 5.5% | 6.9% | 3.7% | 1.03% |
OneAnswer Sustainable Int Shr — Historical Returns
Dashed line = category averagePast performance is not indicative of future returns. Returns shown net of fees.