Ann: Annual General Meeting Presentation, page-4

Effectively it works like this.
Investment team starts fund/firm and retain majority ownership, pinnacle takes a minority stake e.g. 35%. In exchange they provide early funding including to the firm via the equity investment and also by some loans etc. Remember the.boutiques are unprofitable and generally have no or limited funds under management when pinnacle backs them. Separately pinnacle provides services at accounting, legal, marketing, office space, sales etc to the boutiques which they charge them or have agreements with them in regards to. So pinnacle gets service fees but also they get a share of the profit of what the firm's makes. Recently they have also been providing seed capital for the new boutiques first funds so they can start getting a track record. These guys have some of the best new bread managers out there at the moment. Antipodes is crushing it and is turning up in advisers portfolios everywhere. Antipodes will probably get to $10bn easily, think of them as magellan/platinum just younger but same quality, founder of antipodes Jacob Mitchell was number 2 at Platinum before he spun out so has a good reputation. I've heard rumours spheria (the micro cap guys) have already soft closed their micro cap fund because they have receive so much money and are close to doing it with their small cap. I wouldn't be surprised if in 5 years PNI is at $10. Also important to note that it only listed in like May 2016 prior to that it was partially owned by Wilson's HTM which it reverse listed into once they spun out their old broking business. Any info on commsec prior to this including share price and also the financial summary is Wilson's not Pinnacle. Seen an article on Fool where they clearly had no idea about this.