Performance fees have helped to lift the fee revenue claimed by fund managers Milford and Fisher Funds.
Companies Office figures show Milford reported fee revenue of $46.5 million for the year to March.
That is up 21% on the previous year.
Of that, $35.1m was management fees and $11.4m performance fees.
Milford has near $4 billion in retail funds, with more than $800m in its KiwiSaver funds.
For the same period, Fisher had fee revenue of $69.1m, up 3%.
That was made up of $60.8m in management fees and $3.3m in performance fees, which was a drop compared to the year before.
Carmel and Hugh Fisher, founders of Fisher Funds, were named on this year’s NBR Rich List, with wealth of $55 million.
Fisher Funds is now the country’s fifth-largest fund manager, with more than 255,000 clients and $7 billion under management.
Fisher stepped down from her role as managing director last year.