Pinnacle issues assurance on Macoun’s tenure
Publicly-listed funds management company Pinnacle has gone to the trouble of reassuring investors that its managing director, Ian Macoun is committed to remaining in his role at least until the end of 2023 following news that has sold 9 million shares in the company.
In an announcement released to the Australian Securities Exchange (ASX) today, Pinnacle said that Macoun and two entities associated with him had sold shares valued at 4.7% of the total issued capital of Pinnacle.
However, it noted that Macoun or entities associated with him would continue to have voting control over 18.276 million Pinnacle shares representing approximately 9.8% of the issued capital of Pinnacle and that Macoun has confirmed he will not be disposing of any further shares until at least after the release of Pinnacle’s 2021 financial results.
In a statement attaching to the ASX announcement, Pinnacle chairman, Alan Watson said the board had held discussions with Macoun about his future and was pleased to announce that the managing director was firmly committed to remaining in the role at least until the end of 2023.
“The company continues to actively develop and advance a range of young executives with a view to growing the ‘bench strength’ throughout the organisation to accommodate further growth, and also to support ultimate managing director succession,” the statement said.
Recommended for you
Global private markets firm Partners Group has launched an evergreen fund to provide Australian advisers with access to its cross-sector royalties strategy.
Franklin Templeton has reduced fees for two of its Brandywine fixed income funds and enacted a name change for its Global Income Optimiser fund.
Perpetual has appointed a new CEO for affiliate J O Hambro Capital Management, as it tries to stem outflows and refresh the brand.
Over half of Australian funds have merged or closed in the last 15 years, according to S&P, with Australian A-REITs faring the worst, as advisers move away from listed property.
