News and Announcements
Pie Fund Manager Donates Fees
- Published October 16, 2014 4:25PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Source: Stuff.co.nz; Published: 13 October 2014
PIE Funds, based in Takapuna, says it will donate its annual management fee to the trust on money invested in its Global Small Companies Fund until 31st December 2014…
…As of September 2014, PIE’s Global Small Companies fund was worth $40 million. The fund invests mainly in funds run by 10 managers overseas, with PIE charging a 1 per cent management fee on top, plus a 10 per cent performance fee on positive returns. According to its financial statements in the year to March the fund paid management fees of $115,603 and performance fees of $152,368.
…The fund is the newest offering from PIE, with its other three funds focused on New Zealand and Australian shares already closed to new investment. Those funds had strong returns in the year to March, delivering bumper fee income for PIE. Combined management and performance fee income for the fund manager was $6.7m.
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