Pinnacle discloses H1 performance fees
Pinnacle Investment Management has announced its net share of performance fees for the six months to 31 December is $950,000.
The firm had previously warned last year that its performance fees would likely be less than $1 million.
Six of Pinnacle’s affiliates crystallised performance fees over the period of $3 million, down from $18.8 million a year ago.
There were 22 strategies which had the potential to produce performance fees and 15 had the potential to crystallise in the first half.
Pinnacle affiliates included Hyperion Asset Management, Coolabah Capital, Metrics Credit Partners and Firetrail Investments but it did not specify which affiliates had contributed the fees.
Looking ahead at the second half of the year, Pinnacle said all 22 had the ability to crystallise but that 13 were currently below their high watermark.
In a statement to the Australian Securities Exchange, the firm said: “Several strategies which had the potential to produce performance fees during 1H FY23 outperformed their benchmarks but earned nil or lower performance fees as they entered the period behind the relevant high-water marks. In some cases, style-related performance below benchmark was the reason performance fees have not been earned.”
AUTHOR
Laura Dew
Recommended for you
Platinum Asset Management has put its two closed-end funds under strategic review in a bid to reduce the share price discount to pre-tax NTA and maximise shareholder value.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Hyperion has been a disaster...
Add new comment