Pinnacle backs departed RLAM global equities team

The exit of key members of the Royal London Asset Management global equities team will have its corollary in the establishment of a new Pinnacle Investment Management affiliate.

Pinnacle confirmed to the Australian Securities Exchange (ASX) on Wednesday that the Royal London equities team departees would form the basis of the new affiliate.

“Pinnacle confirms its intent to establish and back a new affiliate led by members of the team in due course, subject as usual to the pre-existing contractual obligations of those team members,” Pinnacle told the ASX.

Commenting on the move, Pinnacle managing director Ian Macoun described it as an expansion of Pinnacle’s unique multi-affiliate model.

“In partnership with our world-class global distribution and marketing capabilities, and institutional grade infrastructure services this team of experienced, high-calibre investors is afforced the optimal environment to deliver excellence to clients across the world,” he said.

Reports out of London this week have told of Royal London Asset Management’s “head of equities, Peter Rutter, and several colleagues” quitting to set up a new venture.