Pinnacle acquires distribution firm
Pinnacle Investment Management has acquired third-party marketing and distribution firm, Winston Capital Partners, to help expand its retail distribution footprint.
Following the acquisition, four Winston sales executives would join Pinnacle’s retail distribution team led by Pinnacle’s director, head of retail, Ramsin Jajoo.
Pinnacle currently had a retail distribution team connecting more than 21,000 intermediaries, including financial planners, brokers and wholesale consultants, with a footprint spreading across both Australia and New Zealand.
“Adding highly credentialed executives such as Winston’s founding partners Stephen Robertson and Andrew Fairweather, along with the broader team, further enhances our presence and strong market relationships,” Jajoo said.
“In particular, this transaction provides Pinnacle with on-the-ground representation in Western Australia for the first time, with Andrew Fairweather to continue residing in Perth upon transitioning into the Pinnacle business.”
The acquisition followed the announcement of Pinnacle’s fully underwritten dividend reinvestment plan, in which funds would to be primarily used to acquire an additional 10% stake in Coolabah Capital Investments (CCI), taking Pinnacle’s total equity ownership of CCI to 35%.
Winston was a distribution partner of CCI, and the existing distribution rights would be transferred to Pinnacle as part of the transaction.
Following a brief transition period, Winston’s executives would end all existing distribution partnerships with non-Pinnacle affiliated investment managers.
AUTHOR
Oksana Patron
Recommended for you
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.
