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An email has been circulated by KPMG seeking a cornerstone shareholder for the business.
But founder Mike Taylor said that was not the only option being considered.
He said Pie and its KiwiSaver scheme, Juno, were looking for the best ways to grow over the next five years.
"Accordingly, we have undertaken a strategic review process to consider our options," he said.
"We have in the past broadened our shareholding base to help achieve our goals – and that’s worked well. As a business, what’s great is that we have a lot of options available to us, including from an IPO to a strategic investor to a distribution partnership."
He said it was still possible it might do nothing. If it chose an IPO, 2020 could be a better time.
"Just depends on what we view as the best option for clients, team and current shareholders.
"Our goal remains to have the best products in the market, outperform for our investors, improve financial capability as well as to democratise investing for all New Zealanders.
"We are achieving this already with both Pie and Juno. Juno in particular is doing really well. KiwiSaver is for everyone. We have the lowest-cost KiwiSaver product and are improving the financial capability of our members and this is really resonating with Kiwis. We have a lot of really positive things in the pipe for the rest of 2019 and beyond."
The business was founded in 2007 with $3 million of Taylors' friends' and family's money.
It has historically focused on small-cap opportunities, although its KiwiSaver scheme has involved branching out from that.
Taylor and his wife, Jacqueline, own 38% of the business. Another 17.2% is owned by Pie Nominees, of which Roger Kerr and Mike Taylor are directors.
Other shareholders include Brendan Lindsay, Mark Devcich and Ralph Norris.
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I have looked at most of the competing Kiwisaver capabilities, with the majority of these striving for mediocrity. Often these are presented under the guise of lower prices - with the outcomes inevitable for unsuspecting investors.
BTW: I have no financial interest in PIE, and genuinely look forward to the day when similar Kiwisaver capabilities become available for the benefit of investors.