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Multi-affiliate asset manager holding minority/majority stakes in boutique fund managers and providing them distribution and operations.
Multi-affiliate asset manager holding minority/majority stakes in boutique fund managers and providing them distribution and operations.
Takes a share of each affiliate's profit in proportion to its ownership stake; the affiliates earn fees on funds managed plus performance fees when they beat their benchmarks. Pinnacle also earns separate fees for the distribution and back-office services it provides, so earnings depend on how well a few larger boutiques perform.
In one line: Australia's Affiliated Managers Group.
Moat: narrow (scale, distribution). Shared distribution/operations platform lowers affiliates' costs versus running standalone boutiques.
Headquarters: Sydney, Australia · Founded: 2007
Size Pinnacle Investment Management (PNI.AX) is an Australia Financials company (Investment Managers) with a market value of $2.54B, the 108th largest of 316 Australia companies the cockpit tracks. Shares closed at A$15.84 on 6 Nov 2026.
Performance Over six months the shares gained 2.0%, against -6.7% for the median peer and +4.1% for the Australia market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 22.4% over the last twelve months (peer median +19.3%); the operating margin is 10.2% (peer median 35.9%).
Valuation It trades at 19.2× forward earnings against a peer median of 15.4× (8th most expensive of 18).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$95.2M | A$95.2M | A$77.8M | A$56.6M | A$54.2M |
| Revenue growth | — | +22% | +37% | +4% | — |
| Gross profit | A$88.7M | A$92.0M | A$75.5M | A$55.2M | A$52.7M |
| EBITDA | A$15.3M | A$16.1M | A$24.4M | A$8.35M | A$16.7M |
| Net income | A$177M | A$177M | A$134M | A$90.4M | A$76.5M |
| Free cash flow | A$107M | A$107M | A$124M | A$76.7M | A$58.8M |
| Capital expenditure | A$5.81M | A$5.81M | A$326,000 | A$36,000 | A$9,000 |
| Total debt | n/a | A$270M | A$110M | A$109M | A$120M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Pinnacle Investment Management PNI.AX | $2.54B | +2% | +22% | 10% | 19.2× | n/a |
| Affiliated Managers AMG | $9.39B | +20% | +12% | 22% | 9.1× | n/a |
| Perpetual PPT.AX | $1.42B | +11% | -16% | 10% | 12.5× | n/a |
| L1 Group Limited L1G.AX | $2.19B | +5% | +586% | 82% | 22.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PNI.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.1% | -1.9% | 3rd highest of 21 |
| 6-month return | +2.0% | -6.7% | 8th highest of 21 |
| Distance from 52-week high | -20.9% | -23.0% | 9th highest of 21 |
| Revenue growth (TTM) | +22.4% | +19.3% | 9th highest of 20 |
| Operating margin | 10.2% | 35.9% | 3rd lowest of 19 |
| Forward P/E | 19.2× | 15.4× | 8th most expensive of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pinnacle Investment Management PNI.AX | Australia | $2.54B | +2% | +22% | 10% | 19.2× | n/a | n/a |
| GCM Grosvenor GCMG | United States | $2.57B | +11% | +8% | 28% | 12.6× | n/a | n/a |
| ANIMA ANIM.MI | Italy | $2.42B | -5% | +1% | 28% | 7.6× | n/a | n/a |
| Rathbones RAT.L | United Kingdom | $2.42B | -8% | +5% | 26% | 9.9× | n/a | n/a |
| Caida Securities 600906.SS | China | $2.78B | -11% | +10% | 36% | 19.7× | n/a | n/a |
| Zhejiang Orient 600120.SS | China | $2.22B | -22% | -87% | n/a | 15.5× | n/a | n/a |
| WisdomTree WT | United States | $2.94B | +2% | +45% | 40% | 15.4× | n/a | n/a |
| Shaanxi International Trust 000563.SZ | China | $2.19B | -12% | -15% | 60% | n/a | n/a | n/a |
| L1 Group Limited L1G.AX | Australia | $2.19B | +5% | +586% | 82% | 22.1× | n/a | n/a |
| Sprott SII.TO | Canada | $2.96B | -17% | +88% | 38% | 25.6× | n/a | n/a |
| AJ Bell AJB.L | United Kingdom | $3.04B | +13% | +19% | 42% | 19.2× | n/a | n/a |
| AllianceBernstein Holding L.P AB | United States | $3.14B | -13% | n/a | n/a | 9.6× | n/a | n/a |
| Artisan Partners Asset Management APAM | United States | $3.17B | +3% | +6% | 36% | 10.6× | n/a | n/a |
| Acadian Asset Management AAMI | United States | $3.23B | +33% | +25% | 27% | 15.4× | n/a | n/a |
| Tikehau Capital SCA TKO.PA | France | $3.24B | -10% | +32% | 31% | 10.7× | n/a | n/a |
| Quilter QLT.L | United Kingdom | $3.30B | +5% | +191% | 3% | 15.0× | n/a | n/a |
| Sealand Securities 000750.SZ | China | $3.30B | -12% | +2% | 22% | n/a | n/a | n/a |
| Netwealth NWL.AX | Australia | $3.31B | -13% | +21% | 46% | 34.1× | n/a | n/a |
| Mandatum MANTA.HE | Finland | $3.33B | -10% | +60% | 8% | 23.7× | n/a | n/a |
| Ashmore ASHM.L | United Kingdom | $1.83B | -4% | +2% | 62% | 28.6× | n/a | n/a |
| Guotai Junan International 1788.HK | Hong Kong | $3.58B | +10% | +43% | 65% | n/a | n/a | n/a |