New pie like fund being baked

Two former Pie Funds portfolio managers are setting up a new boutique funds manager management business.

Thursday, August 11th 2022, 8:04AM

Pie Funds former Head of Australasian Equities Chris Bainbridge, has established a new boutique fund manager Discovery Funds Management.

The company was registered in March and lists Bainbridge as the sole owner.

However, former Pie Funds chief investment officer Mark Devcich will be joining him after he finishes with Pie at the end of this month.

Bainbridge says Discovery’s strategy will build on the experience of the pair running multiple products at Pie Funds including the Emerging Companies Fund which has compounded at 19% annually since inception, the Australasian Growth 2 Fund and previously, the Australasian Dividend Fund.

Discovery will launch its inaugural Founders’ Fund in late September. The fund will focus on investing in a concentrated portfolio of high calibre Australasian companies. The fund will be a limited capacity offering and will have a substantial personal investment from the two founders.

“I’m excited about what our combined experience and determination will accomplish with Discovery’s new nimble fund,” Bainbridge says.

Pie Funds founder, chief executive and acting chief investment officer, Mike Taylor, says he has made the decision to move permanently into the position of CIO role, replacing Devcich.

Taylor says Devcich "has made a significant contribution while at Pie Funds" and wishes him "every success in the future."

"Earlier in the year when I moved back into the investment team in an acting capacity, I set a goal with the board of continuing to build the depth and capability of this team at Pie, with the ultimate goal of improving our investment performance by adding alpha and reducing risk. I’m pleased with the ongoing progress being made, Taylor says.

Tags: Discovery Funds pie funds