Staffing cuts helped Fisher Funds lift annual net profit 21.7%

Fisher Funds Management has reported a 21.7% jump in annual net profit, mostly reflecting a drop in operating expenses as its staffing numbers fell following the integration of the Kiwi Wealth business.

Net profit increased by $13.6 million to $76.4 million for the year ended March with fee income rising 3.5% to $228.6 million while operating expenses dropped 11.2% to $104.2 million.

Employee benefits fell 9.3% to just over $53 million in the latest year.

“There was a decrease in average FTE [full-time-equivalents] as we recognised synergies in the prior yar from reducing duplicate systems ...MORE»

[The Wrap] What the heck is happening at the FMA? Friday, July 31st, 2:35PM [OPINION] It would be fair to say the Financial Markets Authority is a bit of a mess at the moment – well at the top level. MORE»

Michael Lang now controls more than 75% of NZ Funds Management Friday, July 31st, 6:12AM The mystery within New Zealand Funds Management’s accounts appears to have been resolved ahead of deadline with a company associated with chief executive Michael Lang taking a controlling interest in the company’s parent. MORE»

FMA CEO on leave

The FMA has been thrown into further turmoil with its chief executive taking “a period of leave from today”.

Samantha Barrass addresses the FANZ Summit two days before being put on leave. (Image: Good Returns)

The bombshell announcement comes hard on the heels of former chairman Craig Stobo stepping down and questions over the future of the current CEO Samantha Barrass.

In a statement the board says Barrass is on leave as it begins an urgent assessment of workplace culture concerns.

This week Stuff revealed ...MORE»

Aurora KiwiSaver becomes Hive, adds third-party managers Tuesday, July 28th, 7:16AM Aurora KiwiSaver has been rebranded as the Hive KiwiSaver Scheme as part of a wider overhaul that brings new investment managers, funds and digital tools into the adviser-focused offering. MORE»

[GRTV] FMA puts AI advice and banks’ return to wealth management under spotlight Monday, July 27th, 8:37AM  2 comments Watch FMA Director of Deposit Taking, Insurance, and Advice Michael Hewes regulating AI-generated financial advice and why banks should consider getting back into the wealth market. MORE»

News Bites

Kernel goal: Wealth OS for all

Kernal Wealth opened its funky new Auckland HQ last week with bold plans for the future. MORE»

GoodReturns TV

[GRTV] FMA puts AI advice and banks’ return to wealth management under spotlight

Watch FMA Director of Deposit Taking, Insurance, and Advice Michael Hewes regulating AI-generated financial advice and why banks should consider getting back into the wealth market. MORE»

The Placebo Effect: Healthcare's Defensive Reputation Under the Microscope

MORE»

Sponsored by:

Are we doing right by our clients when it comes to TPD?

Katrina Church takes a different look at Total Permanent Disablement (TPD). MORE»

TMM Online

Mortgage holders still riding lower interest rates

Borrowers paid $4.783 billion in interest on $397.4 billion in residential mortgages outstanding at the end of the June quarter this year, the latest Reserve Bank figures show. MORE»

Sponsored by:

Code Committee gets new chair

Angus Dale-Jones steps done as Chairman of the Code Committee after nine years in the role. MORE»

Sponsored by:

Active managers slip down KiwiSaver tables

A number of active KiwiSaver providers have failed to fire in the past year, while passive management has come to the fore. MORE»