Pie Funds is shelving plans to launch a KiwiSaver scheme, for now.
It had been reported that the fund manager was working on a KiwiSaver scheme to launch this year.
The Australasian small-cap specialist manager had said it wanted to get enough funds under management before launching the product.
But head of client services Sam de Court said that had now been put on the back-burner.
“We haven’t decided not to do it but we’ll put off planning until 2017. We’re quite busy growing the business at the moment.”
He said Pie Funds had decided to focus on its other areas of growth. “KiwiSaver would be a huge undertaking and we don’t need that distraction.”
Pie has grown its funds under management from $200 million in 2015 to $350 million today.
Last year, Pie launched a new fund, Growth 2, which focused on small and medium-sized Australasian companies that offer value and growth.
It had been reported that fund was something that a Pie Funds KiwiSaver scheme could invest into.
But de Court said it made sense to focus on that fund and other areas of growth in the business for the time being.
Pie Funds’ best performing fund in 2015 was its Emerging Fund, which returned 41.7% over the calendar year for the $56.3 million invested.
That was followed by its Growth Fund, which returned 24.7% but is up 337.5% since inception.
Newcomer Growth 2 is up 9.7% since its inception and down 1.6% month on month. It returned 14.1% through 2015 and has $40.5 million invested.