Pinnacle's affiliate's FUM grows to $100b

The news: Pinnacle Investment Management Group aggregate affiliates' funds under management has grown to $100.1 billion, jumping by 9% in six months, according to the funds manager's first-half results.

The numbers: Pinnacle's net profit of $30.2 million was broadly in line with the previous corresponding half's $30.5 million, while earnings per share fell from 15.7 cents to 15.4 cents. Expenses surged 49% to $37.3 million, including $3.4 million from the write-down of its OpenInvest wealth platform. Pinnacle's board maintained a fully franked dividend of 15.6 cents per share, to be paid in March.

The context: In January, Pinnacle announced its partners netted more than $12 million in performance fees, and said increased FUM would offer an opportunity to take advantage of market conditions.