Really, nobody thought the Government would have the guts to fire five KiwiSaver default providers. It was widely expected that AMP, and maybe even Mercer, would lose their lucrative default status. Fairly, or not, they were seen both as having weak returns on their funds, and also as being late to the fee-cutting party. AMP had also announced it would switch from being an active manager to a passive manager, which would not have engendered much confidence in them in official circles. But for ANZ, ASB and Fisher Funds to also lose their default status was unexpected. Indeed, scuttlebutt has it that one of the big ... (full story)