The company, which manages more than $7.5 billion, has reported management fee income increased 20% from $61.14 million to $73.48 million in the year to March 2019.
However, net profit after tax fell from $8.02 million to $5.37 million primarily on the back of increased management services fees which increased from $42.78 million to $59.01 million.
These fees are paid to parent company Milford Asset Management, to cover staff remuneration and office costs.
The two funds with the main performance fees are the Active Growth Fund which has a 1.07% base fee and 0.31% performance fee, and the Australian Absolute Return Fund which has a base of 1.05% and performance fee of 0.36%.
To see a table of Milford's fees click here.
As a result of the decline in NPAT, the company's tax bill diminished from $3.21 million in the previous year to $1.99 million.
The $73.48 million of fee revenue is split between management fees and performance fees. Performance fees were largely unchanged compared to last year totalling $17.7 million, compared to $17.34 million.
Management fees in the year rose from $43.81 million to $55.78 million.
"It is not possible to separately identify the amount of key management personnel's compensation within the total management services fee," the accounts say.
Milford declared a dividend of $10 million to shareholders. The company is wholly owned by Milford Asset and the biggest holder in that company is executive director Brian Gaynor with a 22.71% stake.
The company's main expenses are the fees paid to its parent company Milford Asset Management, to cover staff remuneration and office costs.
During the year those expenses were $59.01 million, compared to $42.8 million in the previous year.
Devon Funds has recently filed its annual accounts too.
It has nearly doubled its net profit, rising from $1.55 million in the 15 months to March 31, 2018 to $3.33 million in the latest financial year.
A fall in administration expenses is largely behind this improved result.
In its latest annual accounts, revenue from performance fees was up from just over $322,000 to $1.11 million while administration costs fell from $10.5 million to $6.3 million.
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