Sharesies KiwiSaver set to break even as funds soar

The scheme’s net loss widened to a $1.1 million net loss in the year ended March 31 from the previous year’s $964,000 loss, although funds under management (FUM) rose from $150 million to $313 million in the latest year and has now risen to about $450 million.

The year just gone is the scheme’s second full year.

Fee income has nearly quadrupled with managed funds referral revenue rising to $2.1 million from $531,000 and transaction fees rising to $176,000 from $83,000, while operating expenses have risen at a slower pace, up to $3.5 million from $1.6 million.

Sharesies tipped in another $1.5 million of equity during the latest year but losses reduced equity at March 31 to $205,000.