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ASB KiwiSaver Review (2026)
ASB KiwiSaver Scheme, managed in partnership with BlackRock, was named KiwiSaver Fund Manager of the Year at the 2026 Morningstar Awards for Investing Excellence.
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Brent Coleman
What is the ASB KiwiSaver Scheme?
The ASB KiwiSaver Scheme is one of New Zealand's largest KiwiSaver schemes, with nearly half a million members and $21.7 billion in KiwiSaver funds under management as at 30 June 2026.
ASB was also named KiwiSaver Fund Manager of the Year at the 2026 Morningstar Awards for Investing Excellence.
Who runs it?
The scheme is issued by ASB Group Investments Limited, a wholly owned subsidiary of ASB Bank.
ASB Bank provides administration and distribution services for the scheme, but KiwiSaver investments are not bank deposits and are not guaranteed by ASB. Like any managed investment, their value can rise or fall and investors can lose money.
ASB manages the investments in partnership with BlackRock Investment Management (Australia) Limited, part of BlackRock.
ASB sets the objectives for each fund, while BlackRock plays a major role in areas including asset allocation, currency management and implementation of the investment strategy.
Performance
ASB's Conservative fund ranks #1 in its Morningstar category for both 1-year (7.9%) and 3-year (7.7% p.a.) returns to 30 June 2026. Its Moderate fund ranks #1 in its category for 3-year returns (9.4% p.a.).
Funds and fees
ASB has six KiwiSaver funds. Its Growth Fund, at $7.51 billion, is one of the largest individual KiwiSaver funds in the country. Returns are to 30 June 2026, with Morningstar category rankings in brackets.
| Fund | Annual fee | Fund size (NZ$M) | 1yr Return | 3yr Return p.a. |
|---|---|---|---|---|
| Conservative | 0.40% | 3,758.5 | 7.9% (#1) | 7.7% (#1) |
| Moderate | 0.60% | 3,286.0 | 10.5% | 9.4% (#1) |
| Balanced | 0.65% | 4,933.8 | 13.6% | 11.5% (#4) |
| Growth | 0.70% | 7,510.2 | 16.9% | 13.5% (#3) |
| Aggressive | 0.75% | 1,349.7 | 19.8% | n/a |
| NZ Cash | 0.35% | 893.8 | 2.7% | 4.3% |
| Charge | Amount |
|---|---|
| Administration fee | None |
| Performance fee | None |
| Fees vs. industry average | At least 27% below, according to ASB (based on a $30,000 balance) |
ASB's fees of 0.40% to 0.75% across its Conservative to Aggressive funds sit well below the average for comparable funds.
Active vs passive
ASB's KiwiSaver funds are not purely active or purely passive.
ASB sets the objectives and overall investment strategy for each fund, while BlackRock helps manage asset allocation, currency exposure and the underlying investments.
Some parts of the portfolios use index-tracking strategies, while other decisions — such as how much to allocate to shares, bonds, commodities and currencies — are actively managed.
So ASB is best described as using a blended approach, combining passive underlying investments with active portfolio management.
The bottom line
ASB is one of New Zealand's largest KiwiSaver providers, with nearly half a million members and $21.7 billion under management as at June 2026.
Its six funds charge between 0.35% and 0.75% a year, with no separate administration or performance fee. ASB's Conservative and Moderate funds also ranked #1 in their Morningstar categories for three-year returns to June 2026, and ASB was named Morningstar's 2026 KiwiSaver Fund Manager of the Year.
Its investment approach is somewhat different from many competitors, combining BlackRock's global investment capabilities with relatively low fees, thousands of underlying holdings, some exposure to physical gold and no dedicated property allocation.
Overall, ASB stands out for its combination of low fees, broad diversification and strong recent performance.