Pinnacle sets up Alterum IM
Pinnacle Investment Management has announced it has established a new affiliate, Alterum Investment Management, which will be led by Andrew Champion, an executive chairman of the listed investment company (LIC), Blue Sky Alternative Access fund (BAF).
Alterum’s initial mandate would be to manage the BAF’s assets, with effect from 1 January, 2019, subject to various conditions such as entering into a new management services agreement with BAF.
The announcement followed a departure of Blue Sky Alternative Investments’ chief financial officer (CFO), Matthew Whyte, which was announced to the Australian Securities Exchange (ASX) earlier this morning.
The new entity would focus on private markets multi-management and alternatives investment management, particularly in the area of managing unlisted assets such as agriculture, infrastructure, credit and private equity.
Pinnacle’s managing director, Ian Macoun, said that the move was expected to further strengthen the firm’s commitment to the LIC market.
Alterum would also take the assets managed in LICs by Pinnacle affiliates to over $2 billion while Pinnacle would be the majority shareholder of Alterum.
AUTHOR
Oksana Patron
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