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Non-executive Chairman & Investment Committee Member
Peter has over 20 years’ experience in the investment banking industry, retiring to pursue his own business and consultancy activities. He is currently a Director of Argosy Property Limited, Chairman of Burger Fuel Worldwide Limited and Trust Investments Management Limited. Peter is also a Trustee of the Melanesian Mission Trust Board, a member of the Institute of Finance Professionals New Zealand Inc., and a director of several other private companies.
Chairman
Scott is currently an Executive Director and Chief Commercial Officer of Modica Group, an enterprise messaging business having previously been General Counsel & Company Secretary of Auckland International Airport. An M&A and corporate finance lawyer by background, Scott is also a Non-executive Director of Enable Networks, Asset Finance Limited and the NZ Cricket Players Association. Scott has also worked for law firms Norton Rose
Fulbright and Bell Gully. Scott has a Masters in Law from Oxford University (Wolfson College) and he is admitted to the Bar in New Zealand, New South Wales and the United Kingdom.
Portfolio Manager, Director & Investment Committee Member
Sam has over 20 years of financial markets experience. Locally he worked in fixed income sales and trading for the National Bank of New Zealand Treasury, co-managed the bond desk at First NZ Capital, and immediately prior to Generate led the investment management of a sizeable portfolio of family assets. He also worked for three years in London in fixed income trading and origination.Sam co-founded Generate in late 2012.
CEO, Director & Investment Committee Member
Henry has over 20 years’ experience in the financial markets, beginning as an equity analyst for a New Zealand stock broking firm before moving to London in 1999. In London he worked as an analyst for Credit Suisse and later Abbey National. Returning to New Zealand in 2003, Henry joined a private investment company in the management of their Australasian equity and property portfolio. From 2007 until 2011 he was Senior Portfolio Manager responsible for investments across all asset classes at Huljich Wealth Management. Henry co-founded Generate in late 2012.
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You will be charged fees for investing in the Scheme. Fees are deducted from your investment and will reduce your returns.
If Generate invests in underlying funds, those funds may also charge fees.
We perform management services for the Scheme. The fee for these services is based on the gross asset value of the fund and is the same no matter which fund or funds you invest in. The fee is calculated daily and paid to us each month. It reduces each fund’s unit price. Currently the fee is 1% each year.
(i) Supervisor fees
The supervisor charges a fee for its supervisor and custodial services. The amount of the fee is currently up to 0.07% per annum each year of the gross asset value of the Scheme. The fee is the same no matter which fund or funds you invest in.
The supervisor’s fee is calculated daily and paid to the supervisor each month. The supervisor may also be paid additional fees
for non-routine matters, as the supervisor and the manager may agree from time to time. Such fees reduce each fund’s unit price.
(ii) Operating and administration expenses
Operating and administration expenses (such as auditing and legal expenses, postage, and other expenses) will be incurred to operate the Scheme.
It is expected that the maximum expense for members in each fund will be 0.2% of the assets of the fund per annum (excluding transaction costs e.g. brokerage and buy-sell spreads). To the extent that actual expenses exceed the target, we may choose not to recover such expenses. Bank charges, currency conversion fees and, where applicable, tax will be deducted from amounts transferred from foreign superannuation schemes before they are converted into units.
The Growth Fund and the Focused Growth Fund invest into underlying funds.
Most of the managers of these funds will charge fees for investing the Scheme’s money and may change the fees they charge from time to time. These fees will affect the value of these funds’ investments, and will be reflected in the Growth Fund’s and the Focused Growth Fund’s unit price. The underlying funds’ fees will differ depending on the products into which we decide to invest.
There are two types of fees charged by underlying managers:
(i) Base fees
The underlying funds’ base fees provided in the summary of regular charges reflect the total estimated charges for management fees from the underlying funds.
(ii) Performance fees
The underlying funds’ performance fees provided in the summary of regular charges reflect the total estimated charges for performance fees from the underlying funds.
We have delegated the performance of certain administration management functions for the Scheme (including registry) to MMC Limited (MMC). We and MMC are reimbursed from the Scheme’s assets for the day-to-day administration of members’ balances and for maintaining the member register for the Scheme.
Currently the fee is $36 per member per year paid monthly in arrears ($3 per member per month). This is a Scheme fee and not a per fund fee, therefore you will pay the same fee no matter how many funds you are invested into.
If you choose either the ‘Stepping Stones’ or ‘Stepping Stones Growth’ investment option you will pay the fees applicable to the funds you are automatically invested into. There are no additional fees for being invested in either of the Stepping Stones options.
Hannah invests $10,000 in the Growth Fund. She is not charged an establishment fee or a contribution fee.
This means the starting value of her investment is $10,000. She is charged management fees, which work out to about $140 (1.40% of $10,000). These fees might be more or less if her account balance has increased or decreased over the year.
Over the next year, Hannah pays other charges of $36.
Estimated total fees for the first year
Fund charges: $140
Other charges: $36
See the latest fund update for an example of what an investor could have earned after taxes and fees if they were invested in the fund for a full year. The fund update also provides an example of the total fees charged as at the end of the scheme year (31 March).
This example applies only to the Growth Fund. If you are considering investing in other funds or investment options in the Scheme, this example may not be representative of the actual fees you may be charged.
We may agree with the Supervisor to vary the fees from time to time. Fees not currently charged, may also be introduced at any time as permitted by the trust deed. However, any changes in fees will be subject to the ‘reasonable fees’ restrictions outlined
in the KiwiSaver Act.
We must publish a fund update for each fund showing the fees actually charged during the most recent year. Fund updates, including past updates, are available at generatekiwisaver.co.nz/fund-updates.
To find out more about how dollar fees are calculated in the Annual Member Statements, please click here
