Milford records big increase in fee income
The company, which manages more than $7.5 billion, has reported management fee income increased 20% from $61.14 million to $73.48 million in the year to March 2019.
However, net profit after tax fell from $8.02 million to $5.37 million primarily on the back of increased management services fees which increased from $42.78 million to $59.01 million.
These fees are paid to parent company Milford Asset Management, to cover staff remuneration and office costs.
The two funds with the main performance fees are the Active Growth Fund which has a 1.07% base fee and 0.31% performance fee, and the Australian Absolute Return Fund which has a base of 1.05% and performance fee of 0.36%.
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