Managing director Carmel Fisher to step down as managing director of Fisher Funds Management

Founder Carmel Fisher is to step down as managing director of Fisher Funds Management.

In a video posted on Fisher Funds' website (see below), Fisher says after nearly 20 years she's seeking more work-life balance.

"Fisher Funds is my baby always has been, always will be. But after a career of nearly 20 years I've decided to step back from a full time executive role," Fisher said.

"I want to maintain an involvement, interest and commitment to Fisher Funds but also have some time to myself and my family, and pursue some philanthropic interests."

Fisher Funds is the fifth biggest KiwiSaver manager with $3.3 billion under management as of the end of September, giving it 9.3% marketshare. The business is 49% owned by TSB Bank, with Fisher and her husband Hugh owning 22%. Fisher will remain as both a director and as a significant shareholder.

She said there was no particular reason in terms of the timing of her move. Additionally Fisher said if she can't find a "great" successor, she'll stay on.

"We've started a search process both in New Zealand and offshore," Fisher said.

Once her successor is found Fisher expects a transition period where she would show her successor "the ropes" and introduce him or her to clients next year.