Milford Funds profit tumbles 71% as regulatory costs mount, performance fees drop

Wed, 07 Sep 2016

By Paul McBeth Sept. 7 (BusinessDesk) - Milford Funds, the public issuer of Milford Asset Management's retail funds, posted a 71 percent decline in annual profit as the fund manager hired workers and incurred costs to introduce new processes in response to regulatory requirements. Net profit fell to $4.4 million in the year ended March 31 from $15.1 million a year earlier, the Auckland-based company's financial statements show. A 47 percent increase in the management services fees to $26.4 million for the unit's parent, Milford Asset, wa...

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