Company Reports

Three ASX-listed credit funds run by Pinnacle affiliate Metrics Credit Partners were voluntarily suspended from trading before the market open on Sept. 28, after disclosing that audited net tangible assets will land about 5% below preliminary estimates once finalized on Sept. 30.

Pinnacle Investment Management provides seed and working capital, marketing and distribution services, business support, and responsible entity services to a network of boutique managers, which it terms as "affiliates." Apart from charging fees for its services, Pinnacle also earns a share of profits from its affiliates via holding equity interests in them. As of June 2026, Pinnacle has 19 affiliates under its network with about AUD 229 billion in FUM.

Pinnacle Investment reported a 21% increase in fiscal 2026 underlying NPAT to AUD 138 million, driven by record net inflows of AUD 33 billion, 19% of opening funds under management, or FUM. Affiliate profit margins on funds management activities, excluding performance fees, also improved.

Pinnacle Investment Management provides seed and working capital, marketing and distribution services, business support, and responsible entity services to a network of boutique managers, which it terms as "affiliates." Apart from charging fees for its services, Pinnacle also earns a share of profits from its affiliates via holding equity interests in them. As of June 2026, Pinnacle has 19 affiliates under its network with about AUD 229 billion in FUM.

Shares of Pinnacle are down 39% from their one-year high of AUD 25.33 per share, as investors question its ability to grow managed funds at historically strong rates.

Pinnacle Investment Management provides seed and working capital, marketing and distribution services, business support, and responsible entity services to a network of boutique managers, which it terms as "affiliates." Apart from charging fees for its services, Pinnacle also earns a share of profits from its affiliates via holding equity interests in them. As of March 2026, Pinnacle has 18 affiliates under its network with about AUD 208 billion in FUM.

Pinnacle Investment Management provides seed and working capital, marketing and distribution services, business support, and responsible entity services to a network of boutique managers, which it terms as "affiliates." Apart from charging fees for its services, Pinnacle also earns a share of profits from its affiliates via holding equity interests in them. As of March 2026, Pinnacle has 18 affiliates under its network with about AUD 208 billion in FUM.

Pinnacle's funds under management, or FUM, reached AUD 208 billion as of March 2026, up 16% since June 2025. March quarter net inflows of AUD 9 billion brought the fiscal year-to-date total to AUD 27 billion, or 15% of the opening FUM.

Pinnacle Investment Management provides seed and working capital, marketing and distribution services, business support, and responsible entity services to a network of boutique managers—which it terms as "affiliates." Apart from charging fees for its services, Pinnacle also earns a share of profits from its affiliates via holding equity interests in them. As of December 2025, Pinnacle has 18 affiliates under its network with about AUD 203 billion in FUM.

Pinnacle Investment's net profit after tax for the first half of fiscal 2026 was down 11% from the prior corresponding period, largely due to lower performance fees and principal investment returns, both of which are relatively cyclical. Excluding performance fees, NPAT increased 37%.

Pinnacle Investment Management provides seed and working capital, marketing and distribution services, business support, and responsible entity services to a network of boutique managers—which it terms as "affiliates." Apart from charging fees for its services, Pinnacle also earns a share of profits from its affiliates via holding equity interests in them. As of September 2025, Pinnacle has 18 affiliates under its network with about AUD 197 billion in FUM.

Pinnacle is acquiring 13% of Advantage Partners, a Japanese private markets firm. The purchase starts with 5% for AUD 92 million, with an option to buy another 8% over three years at similar multiples. Pinnacle also saw solid net inflows firmwide for the first quarter of fiscal 2026.

Pinnacle Investment Management provides seed and working capital, marketing and distribution services, business support and responsible entity services to a network of boutique managers--which it terms as "affiliates." Apart from charging fees for its services, Pinnacle also earns a share of profits from its affiliates via holding equity interests in them. As of June 2025, Pinnacle has 18 affiliates under its network with around AUD 179 billion in FUM.

Pinnacle reported a 49% increase in fiscal 2025 net profit to AUD 134 million. Funds under management, or FUM, grew 63% to AUD 179 billion during the year, with around 25% from acquisitions.

Most of our covered ASX-listed asset managers have underperformed the S&P/ASX 200 Total Return Index since the start of 2025.

Pinnacle Investment Management provides seed and working capital, marketing and distribution services, business support and responsible entity services to a network of boutique managers--which it terms as "affiliates." Apart from charging fees for its services, Pinnacle also earns a share of profits from its affiliates via holding equity interests in them. As of December 2024, Pinnacle has 18 affiliates under its network with around AUD 155 billion in FUM.

ASX-listed asset managers saw mixed shareholder returns relative to the S&P/ASX 200 index over the year to March 2025.

Pinnacle's net profits for first-half fiscal 2025 grew by 151% from the previous corresponding period. Affiliate profit margins improved by around 7%, or about 3% excluding performance fees. Excluding performance fees and returns on principal investments, profits increased by 43%.

Pinnacle Investment Management provides seed and working capital, marketing and distribution services, business support and responsible entity services to a network of boutique managers--which it terms as "affiliates." Apart from charging fees for its services, Pinnacle also earns a share of profits from its affiliates via holding equity interests in them. As of December 2024, Pinnacle has 18 affiliates under its network with around AUD 155 billion in FUM.

Total shareholder returns for most asset managers under our coverage, excluding GQG and Pinnacle, still trail the S&P/ASX 200 Index since 2022, when rates rose from historic lows. In 2024, shareholder returns for our covered asset managers were mixed.