by Jenny Ruth
Devon, which had a particularly bad year in its 2023 financial year, lifted net profit 14.3% to nearly $3.4 million in the year ended March 31, largely because of a hefty rise in performance fees and despite significant lifts in directors' fees and employee costs.
Its management fees were up 6.5% to $7.9 million in the latest year and its performance fees jumped to $1.8 million from $128,282 the previous year.
The company focuses on investing in companies listed on NZX and ASX.
Devon's expenses jumped 36.7% to nearly $6.8 million with directors' fees up 47.8% to $944,062 and employee salary and wages up 49.5% to $3.1 million.
Despite the lift in profit, Devon held its dividends steady at $1.5 million.
Its funds under management rose 13.7% to $138.5 million while its largest fund, the Devon Alpha Fund, lifted fee income by 11.2% to $1.3 million.
KiwiSaver manager Generate lifted annual net profit 33.4% to $4.5 million in the year ended March 31 with fee revenue climbing 28.7% to $57.1 million.
Expenses rose at a similar 28.5% pact to $51 million.
It lifted dividends to more than $8 million from $3.2 million the previous year.
In February, Generate said it had passed the $5 billion mark in funds under management.
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