Pinnacle Investment Management Group has announced the appointment of Michael Putica to the new role of managing director, Americas.
Mr Putica previously served as head of sales, Americas, for State Street Global Markets’ Portfolio Solutions business. He spent a total of 16 years at State Street, including the first 11 years based in Australia before relocating to the US.
According to Pinnacle, Mr Putica will focus on the ongoing development of its institutional and wholesale client book across North America. Based in Southern California, he will work with the investment manager’s east coast-based MDs, Jack Kirkpatrick and Alison Maschmeyer.
“Within its unique business model, the Pinnacle Group is growing a formidable and very diverse network of affiliated boutique investment managers,” Mr Putica said on his appointment.
“I look forward to working with these world class affiliates and being part of the continued growth of the group’s global distribution footprint.”
Pinnacle said the move would further expand its distribution footprint in the key North American market.
Andrew Chambers, head of international distribution at Pinnacle, noted the US is the investment manager’s largest market outside of Australia by assets under management. He said eight of Pinnacle’s 15 affiliates currently have clients in North America.
“We are committed to accelerating our business growth in the Americas, and Michael’s senior appointment underscores our commitment to servicing the world’s largest addressable investor market,” said Mr Chambers.
“I have known and respected Mike for many years and we are thrilled to welcome a professional of his calibre who is so highly regarded by leading institutional investors and investment consultants in both North America and Australia.”
Pinnacle seeded its first North American-based affiliate, Langdon Equity Partners, back in 2021. The specialist global small caps investment boutique was launched in partnership with the former principal manager at Cambridge Global Asset Management, Greg Dean.
In February, Pinnacle reported a significant decline in net profit after tax for the first half of the financial year, with a fall of 24 per cent versus the prior corresponding period to $30.5 million.
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.