Multi-Affiliate Asset Managers: Initiating on PNI / NGI at Buy

研报英文原文证据摘录

Multi-Affiliate Asset Managers: Initiating on PNI / NGI at Buy

Goldman Sachs Australia

Multi-Affiliate Asset Managers: Overview and company comparisons

Multi-affiliate asset managers are investment holding companies or financial institutions that aim to

acquire equity stakes in a diverse portfolio of independent asset management firms, ranging from

early-stage boutiques to larger institutional-scale managers. For vendors, the multi-affiliate model

typically sees investment autonomy preserved, while also providing access to growth capital and/or

specialised operational, compliance, legal and distribution capabilities (amongst others). This model allows

the parent to rapidly scale and gain exposure to a diverse range of (often uncorrelated) managers, in a

capital-light structure. Further, due to their fixed and centralised cost bases, multi-affiliate managers

typically deliver high incremental profits with scale.

Pinnacle is Australia’s leading multi-affiliate asset manager. The company historically had an Australian

equities-focus, before diversifying its offerings in recent years to include a greater share of global equities,

fixed income, private credit, and real assets. Pinnacle typically invests at the pre-launch or day-one stage

of a fund (incubation), providing seed and/or working capital, and institutional grade infrastructure for

founders. However, the company has become increasingly willing to utilise its balance sheet to acquire

minority stakes in established, profitable asset managers (Horizon 3). PNI’s affiliates have >A$200bn in

FUM, of which PNI’s ownership-adjusted stake is ~A$73bn.

Navigator is a 100% alternatives-focused global asset manager, with investments across hedge funds,

private equity, real estate, and credit.