Fisher and Devon report results but only one shows a profit gain. Accounts filed by two fund managers show both reported higher fee income for the year to March but only one converted the gains into higher profits. For KiwiSaver provider Fisher Funds Management, higher costs offset the increase in fee income, lowering net profit by 12% to $42.2 million. Its total fee income was $108m, up from $105.6m a year earlier, although the performance fee element was down 32% to $17.6m. The firm paid dividends during the year of $41.2m to its owners, Taranaki-based TSB Group and Hong Kong private equity firm TA Associates.