this business and it's affiliated funds are obviously doing...

this business and it's affiliated funds are obviously doing well. i'm having a bit of trouble understanding the investment thesis here and would appreciate responses from long term holders or people who understand this business.

it's in the same space as companies like challenger and platinum but it's not the same. those companies run their own funds and take fees from investors. pinnacle is a platform and makes money from having it's own capital invested in the affiliated funds and collecting distribution and management fees from these funds.

pinnacle has a market cap of about $600m and according to the annual report has revenue of 10.9m and net profit of about 13m, growing at about 100% p.a. funds under management is $28B and growing quickly. how does this all compare to peers or is the affiliate/platform so unique that it's hard to compare?

they published a statement about the ex-macquarie funds managers that are setting up a new fund with them in which they referred to employee contracts. i was surprised to see this because i assumed that the managers of the affiliated funds were independent and used the services of the pinnacle platform i.e. weren't employed by them.