Better year for Milford

The annual report showed company lifted annual net profit 72.1% to $19.5 million with management fees jumping 18.7% to $185.7 million and it also earned $83.5 million in performance fees compared with nothing the previous year.

The last time Milford Funds collected performance fees was in the year ended March 2022 and that was less than a third of the latest fees at $26.4 million.

Despite the jump in profit, the company paid $10.2 million in dividends, down from $11.2 million the previous year.

But Milford did increase its donations to the Milford Foundation, its charitable arm, to $659,299 compared with $359,913 the previous year.