Funds make hay but fee-fall tipped to uproot global market

Milford booked almost $163 million in fees for the year including $68.2m in performance fees. (Image: Deposit Photos)

Wed, 28 Jul 2021

New Zealand fund managers have reaped a bumper harvest during the latest 12-month accounting period.All of the local boutique fund managers that have filed annual accounts to date – including Devon, Mint, Harbour and Milford – report stellar revenue growth and booming profits.Powerhouse player Milford, which has built up an astonishing $14 billion under management over its 14-year history in the fund game, had its fee revenue jump by about 70% over the 12 months to March 31.Milford booked almost $163 million in fees for the year inc...

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