NZ Fund Managers

[Snoopy]

Isn't fishers' NPAT 49.778? and margin ~39.7% - page 23?

Yes I made a typo on the net profit figure. Now corrected.

Milford Funds Limited financial accounts are below, but with a big caveat
https://app.companiesoffice.govt.nz/...49ACF3BF8AD107

Milford Funds pays a substantial management fee to its parent company Milford Asset Management. The later does not have to disclose its financials. So you can't work out what the true underlying profitability is without taking a pretty meaty guess. I'm also not au fait with if MFL is the management company for all funds or if its parent company also undertakes some services

Those are the only two I've ever bothered to 'snoop' on in NZ. Possible others disclose.

I have added Milford to my comparison table as well. I see in the 'Milford Limited' accounts, in the income statement, that there was a fee of $136.594m paid to the parent Milford Asset Management company (the fee you pointed out FM). You would have to assume that all the cost allocations are done in accord with the parent company's wishes. So if the parent were to decrease the fee required to be paid (and I do note this management services fee jumped an astonishing by $59.010m from FY2020 to FY2021), then the declared profit of 'Milford Limited' can be whatever Milford management want it be (within reason). I guess a net profit margin of 7.21% is there to appease the kiwisaver scheme overseers, so Milford don't look too greedy?

Note 8 in the Milford Limited accounts lists all the Milford funds that Milford Limited manages. This covers all the funds listed in the current Milford fund prospectus,

https://milfordasset.com/if-pds

less the AON branded fund, the kiwisaver fund and the wholesale funds. So it looks to me as though the company 'Milford Limited' does indeed manage all of the Milford funds (listed and unlisted).

SNOOPY