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Multi-city boutique, Pie Funds, has dumped its Roman goddess-themed KiwiSaver model, Juno, in favour of a single-name technique.
Launched underneath the Juno banner 5 years in the past, the $520 million scheme has been rechristened as Pie KiwiSaver to “present traders with a extra unified model and consumer expertise”, in response to a launch.
Pie stays the underlying supervisor for the scheme previously often called Juno, which established a novel tiered flat charge pricing construction when it hit the market in 2018.
Among the many fastest-growing KiwiSaver schemes in its early years, Juno has plateaued over the past couple of reporting durations, even seeing a slight web membership loss over the 12 months to March 31 this 12 months.
Juno was the spouse of Roman king of the gods, Jupiter, with a number of different strings to her legendary bow together with queen of the heavens, protector of marriage and ladies and in addition the goddess of finance.
In additional down-to-earth issues, Pie additionally launched two new funds final week concentrating on mounted earnings, and, listed property and infrastructure, respectively.
Mike Taylor, Pie founder, stated the brand new funds – the primary additions to the vary since 2018 – “have been within the pipeline for some time”.
“We’ve waited patiently as a result of we didn’t really feel the setting was conducive to launching new merchandise up to now few years,” Taylor stated in a launch, citing the doubtless rates of interest peak as supportive for the asset courses.
Pie employed former Milford Asset Administration portfolio supervisor, Travis Murdoch, final November as head of mounted earnings.
Each new funds will put money into Australasian and world property. Pie has priced the mounted earnings fund at an annual charge of 0.8 per cent whereas the property and infrastructure automobile prices 1.25 per cent.
From its roots as an Australasian small caps specialist from inception in 2007, Pie expanded into different property courses together with broader world equities over time.
Nonetheless, small-caps stay a key a part of the Pie recipe with the supervisor working a number of methods within the asset class, some closed and others periodically shut to new investments and later reopened.
In September this 12 months, for example, Pie reopened its Australasian Progress and Progress 2 funds, which had been closed to new traders since 2020 and 2021, respectively.
Pie, which manages greater than $2 billion throughout all 11 retail funds and the KiwiSaver scheme, has places of work in Auckland and Havelock North in addition to satellite tv for pc operations in Sydney and London.
Final October, the Pie chair, Ana-Marie Lockyer, additionally changed Taylor as chief govt because the founder opted to give attention to his CIO duties.
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