Funds and platform make up nearly half NZX's revenue

The stock exchange operator said Smart, renamed from Smartshares during the year, is aiming to increase FUM in the current year by 10.8% (the 2024 target had been 14.7%).

Cashflows contributed 7 percentage points of Smart’s 2024 growth with market returns contributing the remaining 15.6 points.

Operating earnings from funds management rose 16% to $22.5 million with revenue up 19% and costs jumping 22.5%.

Chief executive Mark Peterson told analysts the investment performance of Quay Street, purchased in 2023, “has been excellent compared to the market.”