NZ fund managers reap $125.8M in fees from KiwiSaver as scheme keeps growing

Tue, 23 Oct 2012

By Paul McBeth Oct. 23 (BusinessDesk) - New Zealand fund managers pulled $125.8 million in administration and investment management fees from the country's KiwiSaver schemes, which continued to expand in the 2011 financial year. Fees were the biggest cost on funds, accounting for about 1 percent of the $12.74 billion under management as at June 30, according to the Financial Markets Authority's annual review. That's the same ratio as a year earlier, when fund managers reaped $92.8 million in fees. Fees for fund managers such as Milford Ass...

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