Pinnacle takes 25% of Coolabah
In what represents a strategic development, Pinnacle Investment Management has entered into agreement to acquire 25% of Christopher Joye’s Coolabah Capital.
Pinnacle announced the transaction to the Australian Securities Exchange (ASX) stating it was acquiring all of the equity in Coolabah currently owned by AMB Capital Partners which is the private investment business of the Bennett Family.
The terms of the arrangement will see Pinnacle acquire a 25% interest in Coolabah for $29.1 million together with a further $5 million upon the business achieving certain milestones over the next 18 months to 4.5 years.
CCI and Pinnacle have also entered into a global distribution partnership in which Pinnacle will share revenues from capital raised in the institutional, retail and offshore distribution channels.
Commenting on the transaction, Pinnacle managing director, Ian Macoun said that partnering with Coolabah was consistent with Pinnacle’s strategy.
He said their offerings did not overlap with those of existing Pinnacle Affiliates and the acquisition further diversified Pinnacle’s portfolio of affiliates particularly in fixed income and alternatives.
For his part, Joye said Coolabah had been impressed by what Pinnacle had achieved, building a $60 billion stable of some of the nation’s leading institutional and retail fund managers across a variety of different asset classes.
Joye was recently announced as one of Australia’s inaugural FE fundinfo alpha managers. FE fundinfo is the owner of Money Management.
Recommended for you
Magellan has confirmed the new leadership of its active infrastructure ETF once head of investment, Gerald Stack, exits in July.
Vanguard has indicated it is actively trying to meet the demand for international ETFs with its next ETF launches sitting in this space.
Dubious marketing strategies involving financial advisers are among reasons that research house SQM Research has put the private credit space on alert.
New Platinum International portfolio manager Ted Alexander has told its retail and wholesale investors how he plans to improve the $4.4 billion fund's performance while the firm is also exploring new fee structures.
