Pinnacle hits the streets
Ian Macoun
A new Sydney-based boutique funds management group called Pinnacle Investment Management has been established by Wilson HTM Investment Group (Wilson HTM) and will be headed up by former Perennial chief executive Ian Macoun.
“I am delighted to join an organisation which shares my vision and passion for the boutique fund management industry,” Pinnacle chair and managing director Macoun said.
He went on to describe the inception of the new boutique as a “meeting of minds”.
Pinnacle will initially consist of two boutiques, Hyperion Asset Management, which is led by Dr Manny Pohl and manages $1.3 billion, and Plato Investment Management, a new quantitative funds boutique that will be headed by Plato’s newly appointed managing director Dr Don Hamson.
Both sides are confident the new entity has the potential to be Australia’s top multi-boutique funds management group.
“The Pinnacle structure was developed with the infrastructure required to house a number of boutique fund managers and is the cornerstone of a wider strategy to build a ‘house of boutiques’ funds management business,” Steve Wilson, executive chairman, Wilson HTM said.
He said Pinnacle would be in a good position to capitalise on the growth he predicted in the Australian funds management industry.
Pinnacle is majority owned by Wilson HTM with the rest of the equity belonging to its owners and managers.
Although Wilson HTM is the majority shareholder, Pinnacle will have substantial autonomy and its own board. However, Wilson HTM will provide contracted infrastructure such as compliance and human resources support.
As a holding company, Pinnacle will have equity stakes in each of the boutiques operating within its umbrella with the rest of the equity residing with each of the relevant owners and managers.
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.