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.”
Hyperion has been a disaster…