Trust managers earn their fee
The sharp increase in fees earned by the managers of Macquarie Goodman Property Trust were well deserved as they had been earned by higher profit, says a major fund manager.
Tuesday, November 15th 2005, 12:26AM
by The Landlord
Simon Botherway, of Brook Asset Management, said yesterday that investors in the trust would be petty if they complained about paying its manager a $2.3 million half-year fee.Macquarie's manager is ASX-listed, Sydney-based Macquarie Goodman Group, of which the Goodman family - headed by Kiwi Sir Pat Goodman - owns 8 per cent. The group also owns 30 per cent of the trust.
Macquarie said this week that it had made $13.84 million net profit, up on the $10.12 million it made in the half-year to September last year and credited its success to an aggressive development and real estate acquisition programme.
Last year, the trust's manager earned $760,000 for the same six months, although it had only $230 million worth of property then.
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