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Jenny Ruth
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Devon and Generate join other managers in having a better year

Thursday 1st of August 2024

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.

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Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
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FMA outlines its latest expectations for advisers
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To correct errors in my previous post: "policies, templates, and controls" should read "policies, processes, systems and controls", and "is more conductive" should read "is more conducive".
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