TOL - 12th Aug, 2024
No shortcuts! How Ian Macoun built a $100 billion funds management behemoth
From "Rocky" in Queensland to investment management royalty. In this episode, Pinnacle Founder Ian Macoun shares his miraculous story.
It is rare for a person to spend the first half of their working life in the public service and then pivot to build a multi-billion dollar financial business. Making the story even more remarkable is that this person grew up in regional Queensland - where financial products are hardly the main course of the local economy.
Ian Macoun, the Managing Director and Founder of Pinnacle Investment Management (ASX: PNI) was born in Rockhampton - a city best known for its cattle production. He left town to work for the Queensland Treasury before being poached as a 33-year-old to run the newly constructed Queensland Investment Corporation (QIC).
It was here that he was introduced to the world of investing. With QIC up and running, Macoun headed to Sydney, joining the private sector. A stint at Westpac opened his eyes to the opportunity in funds management and in 2000, he struck out with Mike Crivelli forming Perennial Funds Management.
It wasn't long though, and Macoun was thinking of an alternative funds management model. Taking minority ownerships in multiple managers, providing the onerous back office functions and accessing the key ingredient for any fund manager - funds.
He discovered this opportunity at stockbroker Wilsons Advisory. Macoun teamed up with Steve Wilson to change his fledgling Hyperion Funds Management arm into a multi-manager model. This was the birth of Pinnacle Investment Management.
Today, Pinnacle has been spun out of Wilson's and has 16 affiliates with a staggering $110 billion of total funds under management. It is growing rapidly and Macoun believes $200 billion is not out of the question.
In this episode of Sucess and More Interesting Stuff, Macoun opens up about his early years and upbringing, shares how he came up with the Pinnacle model and outlines his plans for the future.
Note: For disclosure purposes, the funds associated with Matthew Kidman own shares in Pinnacle Investment Management.
Other ways to listen:
Timecodes
- 0:00 - Intro
- 2:31 - Anecdote from meeting 25 years ago
- 4:09 - On how to identify winning fund managers: No rockstars
- 6:32 - On his upbringing in Rockhampton
- 8:59 - Working at the Queensland Treasury
- 14:42 - Queensland Investment Corporation and an offer Ian couldn't refuse
- 18:49 - Leaving QIC for Westpac
- 26:30 - Starting the Perennial business
- 33:04 - The birth of Pinnacle
- 37:42 - On continuously needing to deliver for fund managers
- 40:02 - Why the missing link is distribution
- 42:31 - Future growth trajectory of Pinnacle business
- 43:48 - Opportunity or risk in private debt/credit
- 46:09 - Royal London deal
- 49:11 - What happens when an affiliate partnership isn't working
- 53:06 - Retirement plans and legacy
- 55:39 - What makes Pinnacle different from the rest of the pack
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Matthew is the Principal and Portfolio Manager at Centennial Asset Management. Prior to this, Matthew was the CIO at Wilson Asset Management between 1998 and 2011, achieving 18% p.a. over the period.
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Matthew is the Principal and Portfolio Manager at Centennial Asset Management. Prior to this, Matthew was the CIO at Wilson Asset Management between 1998 and 2011, achieving 18% p.a. over the period.
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Matthew is the Principal and Portfolio Manager at Centennial Asset Management. Prior to this, Matthew was the CIO at Wilson Asset Management between 1998 and 2011, achieving 18% p.a. over the period.
Expertise
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