Augusta Capital confirms loss of PIE status as market value of funds management exceeds 10% of assets

By Jonathan Underhill March 24 (BusinessDesk) - Augusta Capital, the listed property investor and fund manager, will lose its Portfolio Investment Entity (PIE) status from July 1 because the value of is funds management subsidiary has grown beyond the threshold of 10 percent of total assets. The Auckland-based company, which last month gained a Financial Markets Conduct Authority licence as a manager of investment schemes covering property syndicates and managed funds, said its funds management business was valued at between $28 million a...