Pie: Covid sharpened focus on changes required

Pie Funds has reduced its staff numbers by eight in a restructure designed to readjust the business after 13 years of growth, its chief operating officer says.

Wednesday, June 3rd 2020, 11:09AM

Paul Gregory

It has made seven roles redundant and chosen not to fill its group head of investments position, chief operating officer Paul Gregory said.

It has also opted not to publish its magazine Juno any longer, although discussions continued with a potential buyer for the publication.

Juno was started by Jacqueline Taylor, who has since left the business.

Pie’s investment team will drop from 12 to nine people after the restructure. Financial adviser Rob Glasgow is leaving, as is head of events Tanja Ritson.

Gregory said the restructure process started in December. Pie Funds had grown from being purely a fund manager to adding a KiwiSaver and wealth management business in a relatively short space of time, he said. The Juno KiwiSaver scheme launched in 2018, promising low fees and active management.

“After 13 years of growth it’s time to pause and have a look at where we’ve got to and whether we need to do anything different and make sure we’re still on course. This was the outcome of that process. Covid came along and sharpened the focus a bit but wasn’t the reason for doing it,” he said.

Pie Funds’ AUM had recovered well from the market disruption, he said.

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