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

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news