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OnePath Funds - why do their funds have different returns?

OnePath have a great track record with their KiwiSaver funds.  They are the biggest fund manager (when you incorporate the ANZ and National Bank KiwiSaver funds) for KiwiSaver. But why do their funds have different returns?

This is an issue that we have highlighted on numerous times since the launch of KiwiSaver.  It is particularly noticeable with the Balanced Fund for the SIL KiwiSaver (promoted by advisers), the National Bank KiwiSaver and the ANZ KiwiSaver funds.

Since inception the SIL KiwiSaver (that pays a small trail commission out of its fees to advisers - generally 0.20% or 0.25% - for servicing the clients), has outperformed the other two funds by between 0.1% and 0.2% pa.  We have always put this down to a difference in the fees charged for each scheme.

It is interesting to note too, that only the AFA's who recommend KiwiSaver have a legal obligation to 'service' or keep in touch with their clients under the Financial Advisers Legislation.

Sunday Star Times ran this article on the official reasons that the returns are different.

OnePath Funds - why are do their funds have different returns? (Sunday Star Times)

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