First Mortgage Trust (FMT) has surpassed $2 billion in Funds Under Management (FUM), marking a major milestone for the specialist New Zealand investment fund manager.

Chief executive officer Paul Bendall said the achievement reflects almost 30 years of careful growth and a people-first approach.

“This is a big moment for us,” Bendall said.

“But more than the number, we’re proud of how we’ve got here, by being consistent, careful, and focused on people.”

FMT was established in the Bay of Plenty in 1996 and has since opened offices in Auckland, Christchurch and Wellington.

It now employs more than 70 staff.

Most of the firm’s new investors are referred by friends, family or others who have had positive experiences.

Today, more than 7,000 investors have money with FMT.

“That kind of trust is something you earn. It tells us we’re doing things right,” Bendall said.

FMT’s investment options include a Retail Fund, a portfolio investment entity (PIE) fund, and a Wholesale Fund for eligible wholesale investors, with a minimum investment of $500.

Its portfolio includes loans secured by first mortgages on residential, commercial, industrial and rural properties across New Zealand.

Bendall said the firm focuses on resilience and long-term results.

“We maintain conservative loan-to-value ratios, a diversified portfolio, and a strong reserve fund,” he said.

The firm’s most recent pre-tax annualised quarterly return was 6.76% —284 basis points above the average one-year bank term deposit rate of 3.92%.

Since launching, FMT has never lost any investor capital, including during the global financial crisis and the COVID-19 pandemic.

Looking ahead to its 30th anniversary in 2026, FMT remains focused on sustainable growth and providing a local, people-focused alternative for investors.

“We’re here for the long run, and we’ll keep doing things the right way,” Bendall said.