Pie Funds cuts performance fees

From April 1 next year, Pie Funds will charge one annual all-inclusive fee, ranging from 0.7%  for its conservative fund to 1.85% for the specialist small-cap funds.

It previously had performance fees up to 15% and management fees up to 1.5%.

Founder Mike Taylor said it was a bold move that showed Pie Funds cared about client returns.

He said an increase in the management fee charged would cover increasing costs relating to compliance, legal, investment accounting, audit, transaction and trading costs, the FMA levy, licencing costs, registry, trustee and supervisor expenses.