KiwiSaver managers pocket $657 million in fees as a result of the global sharemarket boom

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KiwiSaver providers earned $657 million​ in fees in the year to March 30. That was an increase of nearly 21 per cent​ from $542m​ in the previous year the Financial markets Authority Te Mana Tātai Hokohoko (FMA)​ says in its annual KiwiSaver report published on Tuesday. The massive jump in fees was the result of a global share price boom during what Paul Gregory​, FMA director of investment management, said was a “showstopper” year which pushed KiwiSaver accounts past $81 billion​ for the first time. “We have previously said that as scale and member balances increase, we see little justification for schemes to charge both a fixed membership fee and a base management fee,” he said. READ MORE:* 'Big move from a big bank', as Westpac cuts KiwiSaver fees by more than a third* Fund managers warned against misleading investors over 'phenomenal returns' during the last year* KiwiSaver annual membership fees 'should be reduced or eliminated' The FMA was pleased
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