Annus horribilis for NZ Funds Management

While most NZ fund managers reported a slump in annual net profit, NZ Funds' was at the bottom end with a 72.6% slump to just $753,000.

That was on a revenue slump of 6.7%, one of the smallest topline declines among the managers who have so far lodged their accounts with the Companies Office.

Fisher Funds reported a slightly greater 72.7% net profit slump but its revenue was down 30.3%, and Generate has been the only manager so far to eke out a small revenue increase.

NZ Funds' directors nevertheless decided to pay its shareholders dividends of $8.1 million, more than 10 times the profit, compared with the $23.9 million payout the previous year, which also well exceeded the bottom line result by 8.7 times.