Kyle Macintyre, investment director and COO at Firetrail, has been appointed head of retail distribution at Pinnacle Investment Management.
Macintyre has been with Firetrail for over five and a half years, and first joined as an investment specialist in 2017.
In his involvement with the Pinnacle affiliate, his experience includes working directly with Pinnacle’s retail and institutional teams to distribute the investment capabilities of Firetrail Investments into the Australian market.
Prior to his time at Firetrail, Macintyre held distribution roles in funds management at Macquarie Investment Management, and in the technology and retail sectors.
In his new role, he will report to Pinnacle’s founder and managing director, Ian Macoun, who has been at the helm of the firm since 2006.
“I know Kyle has a great passion for people, investment management, and working with high-performing teams,” Macoun said.
“His intricate knowledge of the boutique investment environment uniquely positions him to spearhead the ongoing success of our exceptional retail distribution team.
“Our retail distribution efforts to date have been fundamental to the success and growth of Pinnacle and we are indeed very confident in our future as Australia’s leading multi-affiliate investment management group.”
Commenting on his appointment, Macintyre said: “I’m excited to work with a team of high-quality people across Pinnacle and the group’s world-class affiliated investment managers. Having worked so closely with the Pinnacle team for several years, I know I am very much aligned with their passion to deliver outstanding results for clients.”
He will commence in the role on 3 July 2023.
Pinnacle has 15 different “affiliate” firms within the business, including Firetrail, Plato Investment Management, Metrics, and Hyperion Asset Management.
For the first half of the 2023 financial year, it reported a net profit after tax (NPAT) of $30.5 million, which was down 24 per cent on 1H22. The weaker result came off the back of a decline in performance fees and higher net outflows.
Net outflows totalled $1.5 billion over 1H23, resulting in a contraction in aggregate affiliates’ funds under management (FUM), totalling $83.2 billion as at 31 December 2022.
Net outflows of $2.5 billion across the domestic institutional portfolio were offset by retail inflows of approximately $300 million and offshore net inflows of approximately $700 million.
According to Pinnacle, “market and style shifts” “impacted FUM over the period, offset by portfolio diversification.
