Volatility hits pinnacle
Market volatility and other factors saw funds under management (FUM) within boutique funds management business Pinnacle decline by 8.7 per cent to $4.2 billion, according to its parent company Wilson HTM Investment Group.
Wilson HTM told the Australian Stock Exchange that the decline in FUM within Pinnacle was due to a combination of general market weakness and some client rebalancing.
It said that outside of the Pinnacle situation, FUM within Wilson HTM’s Specialty Funds and Private Wealth Management businesses had risen by $2.3 billion — a 4.5 per cent increase over the December quarter.
Commenting on the company’s performance, Wilson HTM managing director Garry Lowrey said while it was pleasing to see continued growth in FUM within the Specialty Funds and Private Wealth Management businesses, the decline in Pinnacle FUM during the quarter reflected the volatility in the markets, which had created both challenges and opportunities.
He said while Pinnacle had experienced a net outflow, this related to client rebalancing and not to a loss of clients or mandates.
AUTHOR
Mike Taylor
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