From $77m to zero – Fisher Funds' performance fee

Fisher Funds' Bruce McLachlan says there was a weak market in the 2022 calendar year. (Image: Fisher Funds)

Thu, 27 Jul 2023

Revenue at Fisher Funds fell by 32% from $199.4 million to $134.8m as its performance fee earnings slid from $77m to zero.Chief executive Bruce McLachlan said the results were sound but “comparisons with the prior year are futile”, especially since it had acquired Kiwi Wealth during the period.“What you are seeing in the 2023 result is a weak market in calendar 2022,” he added.The KiwiSaver provider recorded an increase in total expenses from $63.9m to $96.0m for the 12 months to March 31, 2023.Net profit after...

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