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    • Auckland Trade & Professional Services >
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    • Wellington Trade Services >
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    • Christchurch Trade Services >
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    • Hamilton Trade Services >
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    • Dunedin Trade Services >
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      • Wedding Photographers Queenstown
    • Lower Hutt Trade Services >
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      • Panel Beaters Lower Hutt
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    • Napier and Hastings Trade Services >
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What happens to your investments if Hatch, Sharesies etc shut down?

This guide explains how your investments are protected with Hatch, Sharesies, Stake and InvestNow, ASB Securities, and any other investing platform if they become insolvent or shut down.

What happens if Sharesies, Stake, InvestNow, Hatch, ASB Securities, Direct Broking go broke
Updated 30 December 2021

Know this first:
  1. Any investments in the share market are always at risk of falling in value or, in the worse case, going bankrupt. However, this guide has been published to explain what happens if the platform(s) you use to buy and sell investments collapse. An investment platform is a company like Sharesies, Hatch, InvestNow etc. 
  2. If investing platforms go bust, ideally your money should be protected. However, this is not always the case. With the collapse of platforms like Halifax (share trading), Cryptopia (crypto-currency trading) and Bullion Buyer (gold trading), New Zealanders will understandably be nervous about what happens to their money should a platform fail. Investing in a company is one thing (and has its own risks), but being locked out of your investment platform altogether (or seeing it suspend operations) is a very reasonable concern.
  3. This guide explains how the most popular platforms - Sharesies, Hatch, Stake, InvestNow, ASB Securities and Direct Broking have a strong custodial structure in place to prevent you losing any of your investment in the case that they fail financially. We explain custodians in detail. In short, the custodian company is separate from the investment platform. It is structured to ensure that all assets, including the bank accounts, are ring-fenced from the custodian’s business. This means a custodian exists with one purpose - to hold assets on behalf of specific beneficiaries. It can't go bust as it is tightly regulated and regularly monitored. 

Why is this important?
A common question when you invest using any of these popular platforms is often 'who owns the underlying investments - is it me or the platform, or someone else?' For example, if you buy 100 shares in Spark using Sharesies, do you own the shares, or is it the platform, or is it someone else? While we are confident the platforms discussed in this guide have structured their custodian to protect your investments should disaster strikes, this guide specifically explains how it all works. As each platform has its own custodian and structure, we outline what you need to know.

For each platform, we outline:
  • Who owns the investments? Each platform must appoint a separate company to hold the investments. This prevents customers investments from getting mixed up with the money used to run the platform's day-to-day business.
  • Who owns the platform? Most platforms are privately owned - we explain who owns the company you use to invest with.
  • Who is the Custodian? The Custodian is an independent company who is appointed to manage the money, separately from the investment platform.
  • Who is the auditor? This isn't significantly important, but it's useful to know.

Our guide covers:
  • ​Sharesies
  • InvestNow
  • Hatch
  • Stake
  • ASB Securities
  • Direct Broking
  • ​Understanding how Custodians function (and why your investments are safe in their hands)

Warning: Custodians do not cover your investments if the companies you invested get into financial difficulty. Companies often go bankrupt, even before COVID-19 - names like CBL Insurance, Snakk Media, Martin Jetpacks and Hanover Finance met their demise and took a lot of investor money with them. Custodians of your investments simply hold what's yours for your benefit; you are responsible for your investing strategy. You can think of them as a bank for your investments - you can withdraw then any time by selling the shares etc.
Sharesies vs Hatch vs Stake
Want to invest in US shares? Our Sharesies vs Hatch vs Stake guide compares each platform in detail so you can make the right choice.

What happens to your investments if Sharesies goes bust?

What happens to your investments if Sharesies goes bust?

Who owns the investments purchased using Sharesies?
  1. NZX-listed investments are held in the NZX Depository under the name New Zealand Depository Nominee Limited.
  2. Money and fund investments are held in Sharesies Nominee Limited and the NZX Depository ‘on bare trust’.
  3. Sharesies Nominee Limited holds the investments for their investors, and it runs completely separately to the company running the Sharesies platform. This means money isn't mixed up between the two companies.
  4. So, if the Sharesies platform goes bust, your investments will be safely held by either New Zealand Depository Nominee Limited and/or Sharesies Nominee Limited on your behalf. These are companies that only hold assets for the investors they represent. Further details can be found here.

Who owns Sharesies?
Sharesies is privately owned by its founding members and a number of venture capital firms. It continues to raise money and re-invest in its expansion having launched in 2017.

Who is the Custodian? 
Sharesies Nominee Limited and New Zealand Depository Nominee Limited.

Who is the auditor? 
Both New Zealand Depository Nominee Limited and Sharesies are audited by KPMG, a 'Big 4' accountancy
 firm.

Picture

What happens to your investments if InvestNow goes bust?

Who owns the investments purchased using InvestNow?
  • InvestNow client funds are held in an independent custodial account which is run and operated by Adminis Ltd, who have been appointed to provide custody services to InvestNow. The custodian's legal entity is Adminis Custodial Nominees Limited. 
  • Because Adminis runs separately to InvestNow, all assets are ring-fenced and held by Adminis for InvestNow's members' benefit. 
  • This means if InvestNow goes bust, whatever you hold with InvestNow will be secure as the custodian's company operates for the single purpose of protecting your investment. 

Who owns InvestNow?
InvestNow is owned by a company called Implemented Investment Solutions (IIS), which is owned by a number of investment companies and private New Zealand-based investors.

Who is the Custodian? 
Adminis Custodial Nominees Limited.

Who is the auditor? 
Adminis and IIS (which covers InvestNow as a subsidiary) are audited by PricewaterhouseCoopers, a 'Big 4' auditor.

Picture

What happens to your investments if Hatch goes bust?

Who owns the investments purchased using Hatch?
  1. If Hatch decided to shut down, you’d be given significant notice to sell up and get your money out, or transfer your shares from DriveWealth to a different US broker.
  2. In the case of a DriveWealth insolvency, under US regulation, your cash and securities flow back to you in the event of a liquidation. DriveWealth also has protections in place in the US, such as Securities Investor Protection Corporation (SIPC). Each customer account is insured for up to $500,000 (with a maximum of $250,000 in cash). 
  3. Citibank is the custodian of all Hatch investments, which means that while they're not in your name (as is common practice with custodians in the US), you do own the rights to investments. 

​Who owns Hatch?
Hatch is owned by Kiwi Wealth, the parent of Kiwi Bank and ultimately owned by NZ Post, part of the New Zealand government. 

Who is the Custodian? 
Drivewealth does not hold your securities. Instead, Citibank is the custodian of your shares. The shares are not in your name, so investors must be comfortable relying on standard practice in the US of “held in street name”.

Who is the auditor? 
Hatch's parent company Kiwi Wealth is audited by PricewaterhouseCoopers, a 'Big 4' accountancy
 firm. DriveWealth's auditor is New Jersey-based Demetrius Berkower LLC.

Picture

What happens to your investments if Stake goes bust?

Who owns the investments purchased using Stake?
  1. If Stake decided to shut down, you’d be given significant notice to sell up and get your money out, or transfer your shares from DriveWealth to a different US broker.
  2. In the case of a DriveWealth insolvency, under US regulation, your cash and securities flow back to you in the event of a liquidation. DriveWealth also has protections in place in the US, such as Securities Investor Protection Corporation (SIPC). Each customer account is insured for up to $500,000 (with a maximum of $250,000 in cash). 
  3. Citibank is the custodian of all Stake investments, which means that while they're not in your name (as is common practice with custodians in the US), you do own the rights to investments. 

​Who owns Stake?
Stake was co-founded by two Australians, and the Australian-based company is privately owned and venture-backed. This article profiles the company's history.

Who is the Custodian? 
Drivewealth does not hold your securities. Instead, Citibank is the custodian of your shares. The shares are not in your name, so investors must be comfortable relying on standard practice in the US of “held in street name”.

Who is the auditor? 
Stake's auditor is not disclosed, but DriveWealth's auditor is New Jersey-based
Demetrius Berkower LLC.

Picture

What happens to your investments if ASB Securities goes bust?

Who owns the investments purchased using ASB Securities?
  1. With every investment bought via ASB Securities, the registered owner of the financial products is ASB Nominees Limited or the nominated offshore custodian who holds them in custody on your behalf (as outlined here).
  2. ASB Securities confirms that you are always listed as the beneficial owner.
  3. Investors can choose to hold their shares in their own name by exiting ASB Nominees. This is not applicable if you operate a Margin Lending account (as ASB Securities requires security over the loan per their loan agreement). 
  4. So, if the ASB Securities platform goes bust, your investments will be safely held by ASB Nominees Limited on your behalf. These are companies that only hold assets for the benefit of ASB Securities' investors, so what is in custody is held for your benefit. Further details can be found here.

Who owns ASB Securities?
ASB Securities is owned by ASB Bank, which is owned by the Commonwealth Bank of Australia, a listed company on the ASX.

Who is the Custodian?
ASB Nominees Limited, ASB Securities or the nominated offshore custodian who holds them in custody on your behalf. The investor (i.e. you) are always listed as the beneficial owner.

Who is the auditor? 
ASB Securities is audited by PricewaterhouseCoopers, a 'Big 4' accountancy
 firm.

Picture

What happens to your investments if Direct Broking goes bust?

Who owns the investments purchased using Direct Broking?
  1. All investments are held by FNZ Limited (NZ-based) or Citibank (non-NZ based) in a structure called 'bare trustee'.
  2. Bare trustee means that the trust operates at the absolute disposal and benefit of the beneficiaries, i.e. the investors using Direct Broking.
  3. So, if Direct Broking goes bust, your investments will be safely held by FNZ for your benefit and on your behalf. 

​Who owns Direct Broking?
Direct Broking was acquired by Jarden Securities Limited (Jarden) from ANZ Bank in December 2018. Jarden is a New Zealand company, established more than 50 years ago, and wholly locally owned. You can read more background here.

Who is the Custodian? 
FNZ Limited is Jarden's independent custodian - it holds custody investments on behalf of Direct Broking's clients as a bare trustee in New Zealand. For overseas investments, FNZ has appointed Citibank NA as sub-custodian in Australia and the rest of the world, to hold all custody investments on behalf of their clients as a bare trustee.

Who is the auditor? 
FNZ Limited, the custodian, is audited by PricewaterhouseCoopers, a 'Big 4' accountancy
 firm.

What happens if Sharesies, Stake, InvestNow, Hatch, ASB Securities, Direct Broking go broke

​Understanding how Custodians function (and why your investments are safe in their hands)

​Custodians are companies which hold your investments on your behalf, and have been designed to protect these investments should the platform fall into difficulties. As established above, each investing platform has a dedicated custodian which operates as a separate legal entity. This legal entity doesn’t operate like a normal business; its only purpose is to keep your investments safe until you sell them.

However, it’s reasonable to ask what would happen to your investment if the custodian got into financial difficulty. Fortunately, the answer is straightforward and always protects investors. In such instances, which we stress is highly unlikely, the investing platform (i.e. Sharesies or Hatch etc.) would promptly appoint a new custodian. Your assets are safe because the custodian doesn’t mix these with its day-to-day business activities. This setup is very different to a 'normal' business which, when it goes bankrupt, leaves all creditors (i.e. people owed money by the company) with an unsecured claim to whatever assets can be salvaged from the business. A custodian does not have such an issue. Occasionally, an investing platform will appoint a new custodian, so the process would be the same. 

The Financial Markets Authority requires Custodians to be audited annually. They also need to have rigorous internal controls to ensure investor assets are protected. Their day-to-day activities are closely monitored for this reason.

Conclusion and Best Practice
  • A custodian provides safe protection for all investments purchased via a trusted New Zealand platform. New Zealand is tightly regulated, but there are still risks.
  • If you are interested in a relatively unknown platform, it's important to ask who the custodian is and then verify it independently. This will protect you from being in a position that Halifax investors found themselves in when the platform collapsed.
  • It's also difficult to verify the custodian situation with overseas-based platforms, so be careful before investing. 

Do you have a comment or tip you'd like to share about custodians or investment platforms in general? If so, please email our research team. 

Related Guides
  • ​Sharesies Review
  • Hatch Review
  • Stake Review
  • Sharesies vs Hatch vs Stake ​
  • Hatch vs Stake
  • InvestNow Review
  • ASB Securities Review
  • Direct Broking Review
  • Sharesies vs Hatch vs InvestNow​
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