Pinnacle’s founder said it makes no apology for rising investment costs, as they’ll produce “very high future returns”. Analysts are split on the result.
Pinnacle shares dropped 4.25 per cent by midday Wednesday after the sprawling investment group missed analysts’ profit forecasts thanks to rising costs and the dumping of equities by spooked investors over a volatile six-month period.
At the end of the period it had principal investments of $164.1 million and cash on hand of $15 million. “New strategies and an intact distribution team are poised to take advantage of confidence returning in retail and institutional allocators,” Mr McGarrigle said.
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