Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Fisher Funds gets lower performance fees and faces refunds

Fisher Funds gets lower performance fees and faces refunds

By Pam Graham

Oct. 12 (BusinessDesk) – Fisher Funds Management reaped a lower performance fees and faces a refund for one client with another in prospect, according to its latest financial statements.

The fund manager with an active investment approach set up by Carmel Fisher in 1998 notched up performance fees of $375,000 in the year ended March 31, down from $2.97 million the previous year but administration fees of $1.83 million are up from $405,000 last year. The firm's financial statements were lodged with the Companies Office.

The bulk of the $13.42 million income in the year came from $11.2 million of management fees. The company receives management fees from listed investment vehicles Kingfish, Barramundi and Marlin Global, and manages unit trusts and Kiwisaver schemes.

The period captures Fisher Fund's $20.9 million acquisition of the Huljich KiwiSaver scheme in May 2011, adding 87,000 members with $191 million of entitlements to its books. Fisher Funds has since added a further 37,000 KiwiSaver members from the Credit Union KiwiSaver Scheme.

As disclosed in Marlin’s annual report, Fisher Funds is only getting a minimum management fee of 0.75 percent of average gross value in the year ended March 31.

Fisher Funds charges 1.25 percent per annum of the gross asset value, calculated weekly and payable monthly in arrears, for managing the listed investment company’s portfolio.

But this reduces by 0.1 percent for each 1 percent the gross return on the portfolio is less than the change in the NZX 90 day bank bill rate index.

Fisher Funds has provided for a $347,000 refund to Marlin Global because the gross return as at March 31, 2012 was 8.73 percent below the NZX 90 day bank bill index.

Marlin Global reported a net loss of $12 million in the year ended June 30, from a $7.7 million profit in the same period last year.

Its share price adjusted for dividends paid, known as total shareholder return, decreased by 18.4 percent in the year to June 30, which the company dubbed the worst in its five-year history.

The Fisher Funds management accounts also have a $263,000 contingent liability for a reduction in the 1.25 percent free collected from Barramundi to 0.85 percent for the year to March 31, 2012 but says no provision is needed with for Kingfish.

Fisher Funds didn't respond to BusinessDesk inquiries.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news