Wilson Group has agreed to buy the remaining 25% stake in Pinnacle Investment Management (Pinnacle Vendors) that is owned by Pinnacle chairman and managing director Ian Macoun and other senior executives of Pinnacle.
The acquisition will offer Wilson total control of Pinnacle, which managed $19.25bn as of 30 April 2016.
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Following the completion of the deal, Wilson will be renamed as Pinnacle Investment Management Group.
As part of the deal, Macoun and other remaining stakeholders will hold 25% of Wilson’s issued capital that represents about 37 million shares. Macoun will be named as Wilson Group’s new managing director.
Wilson will also restructure its board that will now comprise Alan Watson as independent chair; Steven Wilson, Deborah Beale and Gerard Bradley as non-executive directors; and Ian Macoun, Adrian Whittingham and Andrew Chambers as executive directors.
Ex-chairman Steven Skala will retire from the board, while CEO/managing director Sandy Grant will depart from the business.
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By GlobalDataIn a separate move, the Pinnacle Vendors have agreed to acquire an additional 7% interest in Wilson from Deutsche Bank.
