ANZ Investments' profit drop

ANZ New Zealand Investments has reported a profit fall in its most recent financial year.

The fund manager reported $141.6 million in fee income for the year to September 30. Its operating expenses rose 19% to $87m and profit dropped 2.6% to $40m.

It paid its parent, ANZ Bank, $48m in dividends, up $8m on a year earlier. Commissions rose 16% to $18.4m.

It also had $5.6m in provisions to cover the gap in customers' KiwiSaver accounts caused by some not receiving their full MTCs, due to processing errors.