Pinnacle Investment Management Group (PNI) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land custodians, introduction of board members and key executives, and commenced at 9:00 am Sydney time.

• Agenda included financial statements, remuneration report, director elections, Omnibus Incentive Plan renewal, share issue to a director, Managing Director's address, growth agenda, affiliate updates, corporate sustainability, and Q&A.

• Voting procedures and Q&A protocols for both in-person and online attendees were outlined.

Financial performance review

• FY24 net profit after tax rose 18% to AUD 90.4 million, with diluted EPS up 17% to 45.5c and total dividends up 17% to 42.0c per share.

• Funds under management (FUM) reached AUD 110.1 billion at June 2024, up 20% year-on-year, with net inflows of AUD 9.9 billion driven by private markets and international growth.

• FUM at September 2024 was AUD 128.1 billion, up 16% from June.

• Affiliate revenues grew 30% to AUD 663.4 million, with performance fees more than doubling to AUD 109.8 million.

• Retail FUM grew 27% to AUD 28.8 billion; international FUM now over AUD 18 billion from 40+ countries, with retail and international FUM representing 43% of total FUM.

Board and executive committee updates

• Krista Leonard (also referred to as Christa Lenard) elected as director after a criteria-driven recruitment process, with 99.79% proxy support.

• Deborah Beale and Andrew Chambers re-elected as directors, both with over 99% support and backgrounds in finance, governance, and distribution.