Shares in financial services company Pinnacle Investment Management Group Ltd (ASX: PNI) are up 2.8% to $5.48 at the time of writing off the back of the company’s release of an investor presentation.
Pinnacle provide corporate, trustee, individual and institutional clients with wealth management, stockbroking and managed fund services.
The announcement revealed Pinnacle’s funds under management (FUM) were at $35.7 billion as at April 30, 2018 – up 10% from $32.3 billion at December 31, 2017.
Current expectations are for net flows for the FY18 to exceed $6.7 billion with distribution activity strengthening both domestically and internationally.
The $873 million market cap company has had a successful year of share price rises – up from $2.36 at this time last year.
Pinnacle is in the company of financial services players such as Magellan Financial Group Ltd (ASX: MFG) whose shares were up 0.6% to $23.43 at the time of writing and Perpetual Limited (ASX: PPT) – sitting down 1.2% to $38.81 at the time of writing.
One of the world’s richest people is sounding the alarm on what could be a trillion-dollar technology.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.