Boutique funds management stable Pinnacle has announced a $60 million institutional placement to fund its acquisition of equity interests in Metrics Credit Partners and Omega Global Investors.
Pinnacle Investment Management went into a trading halt yesterday morning before announcing a $60 million institutional placement and a 2017–18 trading update.
The capital raising, which will be open to eligible Australian and New Zealand shareholders via a share purchase plan, will fund 35 per cent and 40 per cent equity interests in Metrics Credit Partners and Omega Global Investors, respectively.
The new equity interest in Metrics Credit Partners will build on Pinnacle's existing distribution partnership with the fixed income boutique.
Pinnacle also provided the market with a trading update, noting that it expects to report a net profit of $23.1 million for the 12 months to 30 June 2018 (up 92.5 per cent on the previous financial year).
Gross funds under management for the Pinnacle as at 30 June 2018 was $38 billion, up 43.4 per cent on the 30 June 2017 number.
Pinnacle holds equity interests in nine boutique funds management businesses, not including Metrics Credit Partners and Omega Global Investors.
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