It is rare for a person to spend the first half of their working life in the public service and then pivot to build a multi-billion dollar financial business. Making the story even more remarkable is that this person grew up in regional Queensland - where financial products are hardly the main course of the local economy.
Ian Macoun, the Managing Director and Founder of Pinnacle Investment Management (ASX: PNI) was born in Rockhampton - a city best known for its cattle production. He left town to work for the Queensland Treasury before being poached as a 33-year-old to run the newly constructed Queensland Investment Corporation (QIC).
It was here that he was introduced to the world of investing. With QIC up and running, Macoun headed to Sydney, joining the private sector. A stint at Westpac opened his eyes to the opportunity in funds management and in 2000, he struck out with Mike Crivelli forming Perennial Funds Management.
It wasn't long though, and Macoun was thinking of an alternative funds management model. Taking minority ownerships in multiple managers, providing the onerous back office functions and accessing the key ingredient for any fund manager - funds.
He discovered this opportunity at stockbroker Wilsons Advisory. Macoun teamed up with Steve Wilson to change his fledgling Hyperion Funds Management arm into a multi-manager model. This was the birth of Pinnacle Investment Management.
Today, Pinnacle has been spun out of Wilson's and has 16 affiliates with a staggering $110 billion of total funds under management. It is growing rapidly and Macoun believes $200 billion is not out of the question.
In this episode of Sucess and More Interesting Stuff, Macoun opens up about his early years and upbringing, shares how he came up with the Pinnacle model and outlines his plans for the future.
Note: For disclosure purposes, the funds associated with Matthew Kidman own shares in Pinnacle Investment Management.
https://www.livewiremarkets.com/wires/no-shortcuts-how-ian-macoun-built-a-100-billion-funds-management-behemoth/