SImplicity gets into positive cash flow after rapid rise reaps $400M under management

Mon, 06 Aug 2018

By Paul McBeth Aug. 6 (BusinessDesk) - Upstart fund manager Simplicity NZ has shifted into positive cash flow territory after a whirlwind two years where it's now managing more than $400 million of assets. The Auckland-based not-for-profit reported a deficit of $380,000 in the year ended March 31, compared to a deficit of $147,000 a year earlier. Fee income soared to $997,000 from $138,000 but was outpaced by operating costs more than doubling to $1.3 million. That's left the fund manager reliant on $900,000 of interest-free loans from c...

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