Pinnacle issues assurance on Macoun’s tenure



Publicly-listed funds management company Pinnacle has gone to the trouble of reassuring investors that its managing director, Ian Macoun is committed to remaining in his role at least until the end of 2023 following news that has sold 9 million shares in the company.
In an announcement released to the Australian Securities Exchange (ASX) today, Pinnacle said that Macoun and two entities associated with him had sold shares valued at 4.7% of the total issued capital of Pinnacle.
However, it noted that Macoun or entities associated with him would continue to have voting control over 18.276 million Pinnacle shares representing approximately 9.8% of the issued capital of Pinnacle and that Macoun has confirmed he will not be disposing of any further shares until at least after the release of Pinnacle’s 2021 financial results.
In a statement attaching to the ASX announcement, Pinnacle chairman, Alan Watson said the board had held discussions with Macoun about his future and was pleased to announce that the managing director was firmly committed to remaining in the role at least until the end of 2023.
“The company continues to actively develop and advance a range of young executives with a view to growing the ‘bench strength’ throughout the organisation to accommodate further growth, and also to support ultimate managing director succession,” the statement said.
Recommended for you
Perpetual has appointed a new CEO for affiliate J O Hambro Capital Management, as it tries to stem outflows and refresh the brand.
Outflows of US$1.4 billion from its US equity funds have contributed to GQG Partners reporting its highest monthly outflows for 2025 in August.
Domestic equity managers are lagging the ASX 200 in the first half of the year, according to S&P, with almost three-quarters of Australian equity funds underperforming over the six-month period.
ETFs saw almost $5 billion of inflows during August, with international equities gaining double those of fixed income funds, as total assets close in on $300 billion.