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
The role of alternative investments is to diversify a portfolio and capture differentiated sources of return, according to UBS Asset Management.
Private investment opportunities are moving up on the list of what investors want from their financial advisers, according to Natixis IM, and over half of firms say they are offering them more strategies.
Two asset managers have each expanded their product suite with the launch of new global equity funds for Australian investors.
Perpetual has confirmed it is in exclusive talks with global investment company KKR regarding an acquisition of its corporate trust and wealth management businesses.
