Profit drops at Milford as performance fees plunge despite strong returns

Much lower performance fees in the year ended March meant Milford Funds’ annual net profit fell 13.3% to $16.9 million.

Total fees for the year fell 13.7% to $232.3 million in the year, although its base management fees rose 24.4% while its performance fees fell to $1.1 million from $83.5 million the previous year.

“Performance fees are only earned when clearly established performance benchmarks are met or exceeded,” says chief executive Blair Turnbull.

“The market backdrop and the geo-political ...MORE»

Lifetime picks up UK pension business Friday, August 8th, 6:06AM  1 comment Ralph Stewart's Lifetime Asset Management group has inked a deal to buy the SuperLife UK Pension transfer scheme. MORE»

Want US share with your global equity fund? No thanks Thursday, August 7th, 8:32AM Kernel Wealth yesterday rolled out a suite of new funds and has already had strong interest shown from advisers. MORE»

[GRTV] Finding value in a tumultuous world

Antipodes portfolio manager Vihari Ross joins Philip Macalister on Good Returns TV to discuss how she invests her Global Value Fund.

Ross explains that Antipodes is a value manager and takes a "pragmatic value" approach when investing its global fund.

Traditional value managers generally just buy the cheapest 20% of stocks. Under the Antipodes approach it participates in structural trends that pure price-driven managers would miss. ...MORE»

Harbour posts profit after BNZ KiwiSaver buy Tuesday, August 5th, 9:54AM Asked what we should make of Harbour Asset Management’s latest financial results, co-chief executive Andrew Bascand says they show the business is profitable and has a strong balance sheet. MORE»

Lots of $2 billion milestones Monday, August 4th, 8:33AM Three companies have celebrated $2 billion milestones recently. MORE»

News Bites

JB Were trumps Jarden

JBWere New Zealand and Jarden Wealth officially unite under a single name – JBWere – marking a major milestone for the leading wealth management and investment advisory firm. MORE»

GoodReturns TV

[GRTV] SBS Wealth expands its advice offering

In this Special episode of Good Returns TV SBS Wealth talks about its plans to expand its advice offering and discusses it's investment strategy which is different to many of its peers. MORE»

Balancing caution with conviction

Harbour Asset Management’s latest chart shows how markets are shifting as global growth slows and interest rate cuts loom. MORE»

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FMA offers more insight into adviser misconduct trends

The regulator is cracking down on financial advisers who target vulnerable consumers after seeing a rise in misconduct cases. MORE»

TMM Online

Survey heads in right direction for OCR cut

The RBNZ’s most watched barometer of inflation expectations has dropped after increasing sharply in February. MORE»

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Milford strengthens support for advisers

Kady Buchanan has joined Milford's wholesale team as Head of Intermediary Clients. MORE»

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Lots of $2 billion milestones

Three companies have celebrated $2 billion milestones recently. MORE»