Pinnacle performance fees fall below $1m

Pinnacle fund manager performance fees

12 December 2022
| By Laura Dew |
image
image
expand image

Pinnacle Investment Management has advised its net share of performance fees after tax will be less than $1 million, down from $6.4 million in the previous year.

In a statement to the Australian Securities Exchange (ASX), the firm said several of its strategies had outperformed their benchmarks but earned nil or lower performance fees as they entered the period behind the relevant high-water markets.

In other cases, it was the result of style-related performance.

“Following a review of affiliate investment performance relative to benchmarks and high-water mark levels as at 30 November 2022 for those strategies that have the potential to deliver performance fees during the first half each year, Pinnacle Investment Management Group Limited advises that it expects its net share of performance fees, after tax payable by affiliates on this revenue, to be potentially less than $1 million.”

Pinnacle affiliates included Coolabah Capital, Firetrail Investments, Hyperion Asset Management, Plato Investment Management and Metrics, but the statement did not specify to which affiliates it was referring.

The firm said it expected performance fees would be higher in the second half as it believed the strategies had the potential to deliver performance fees over the full 12-month period.

A more specific estimate for the six-month period would be available from 9 January, 2023.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

3 days 22 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 1 day ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 3 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 days 20 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

1 day 23 hours ago