Pinnacle Investment Management Ltd. and its largest shareholder, Wilson HTM Investment Group Ltd., will review potential investors in the business as Pinnacle searches for new fund managers.

“Pinnacle has grown to a stage where it is now seen as a strong platform that can grow further with new boutiques and new asset classes,” says Ian Macoun, managing director and co-founder of Pinnacle. “To do that we need new funds.”

Wilson may sell all or part of its 80 per cent stake in Pinnacle as it reviews potential onshore and offshore investors who want to take stakes in Pinnacle, says Macoun.  He declined to name the investors who have sought to negotiate buying Wilson’s stake in Pinnacle.

Pinnacle management will retain its 20 per cent shareholding in the business, he says. Each boutique will retain its 40 per cent interest in its own fund management business, says Macoun.

“We’re not in a great push to find a new investor,” he says. “The crucial thing is to get the right partner.”

Pinnacle manages about $8.9 billion through seven asset management businesses that mainly invest in Australian stocks.

“We’re close to the superannuation industry and we know they are looking for additional capability and we’d like to service that,” says Macoun.

He declined to specify what new businesses Pinnacle was seeking to start.

The Rockhampton-born Macoun was the co-founder of Perennial, the first chief executive of QIC and a managing director of Westpac Investment Management. He expects funds under management in Australia to continue to grow.

“We know the industry will double and double again,” he says.