In an ASX listing on Wednesday, Pinnacle said two entities associated with Ian Macoun have sold a total of 3,932,092 shares in the firm, equivalent to 1.73 per cent, for $76.7 million.
The sale, Pinnacle said, does not signal Macoun’s retirement, with the managing director confirming he remains “fully committed” to his role.
“It is my intention that entities associated with me will remain Pinnacle shareholders, retaining a significant number of shares, for many years to come,” Macoun said.
Macoun, along with associated entities, will retain 14,343,985 Pinnacle shares, representing 6.3 per cent of the issued capital.
According to the ASX listing, the proceeds of the sale of the 1.73 per cent stake will be reinvested in funds managed by Metrics – an affiliated investment manager under Pinnacle.
“I am pleased that this sale will allow me to invest all or most of the proceeds (after tax) in funds managed by Metrics which provide an attractive yield,” Macoun said.
Pinnacle confirmed that Macoun has no intention to sell additional shares for at least the next three months.
Commenting on the matter, Pinnacle chair Alan Watson said the board and Macoun “have regular discussion concerning his succession”.
“Following the most recent of these, I can confirm that his retirement is not imminent, and that both the board and Ian continue to approach the subject in a deliberately flexible manner,” Watson said.
“Over the past few years, Ian has been consistent that he would neither overstay his tenure as managing director, nor would he leave the role in circumstances which might set back the ongoing success and growth of the business, and this continues to be the case.”
Pinnacle was one of just three active managers that Morningstar expects to attract positive net flows between FY2025–26 and FY28–29, alongside Challenger and Insignia.
In its Q2 2025 Australian Asset Manager report, based on a review of seven active managers, Morningstar noted that, amid current market volatility, those with expertise in fixed income and private markets are best positioned to benefit.
