Fisher Funds has seen performance fees jump by more than $2 million over the 12 months to March 31 this year to hit close to $7.5 million, according to the group’s latest annual report published last week.
All up Fisher Funds, headed by founder Carmel Fisher, garnered just under $68.9 million in fees over the latest financial year, representing an increase of almost $8 million compared to the previous annual period.
After securing a net profit of about $24.9 million over the fiscal year, Fisher pulled a further $5.1 million from its equity pool to pay out a dividend of $30 million to its owners (including 48 per cent plus shareholder TSB Bank). Following the payout, Fisher total equity dipped from almost $62.4 million as at March 2015 to just above $57 million at the latest balance date.
During the year, total Fisher Funds under management, including its two KiwiSaver schemes, grew by $300 million to close out the period at $6.9 billion.
As well as its in-house financial advisory team of 10 (up seven over the year), the Fisher accounts cites “distribution relationships with TSB Bank, The Co-operative Bank and Co-op Money NZ and its associated network of credit unions” to sell the group’s KiwiSaver Scheme.
In total, the annual report shows Fisher paid about $400,000 in “introductory fees and commissions” over the 12 months to March 31, down from $463,000 the previous annual period.
“In the year to 31 March 2016 Fisher Funds made payments to TSB Bank Limited for introductory fees $144,000 (2015: $77,000) and commission $48,000 (2015: $6,000),” the report says.
The accounts say the group’s tender to consolidate its registry services (since won by Trustees Executors) would see reduced costs “for many investors and enable better online access tools from the third quarter of 2016”.
During the year, Fisher also transferred its bank loan of about $26 million (down from about $32 million as at March 2015) from ANZ to BNZ. The original loan was used to help fund Fisher’s almost $80 million purchase of Tower Investments in 2013.