Aug 2, 2026 – 3.35pmThe $3.85 billion Pinnacle Investment Management, which houses stakes in some of Australia’s best-known fund managers, is weighing a bid for Bennelong Funds Management after owner Jeff Chapman last month kicked off a long-awaited auction.Street Talk can reveal that the business is in active negotiations with Bennelong, whose client assets had shrunk to $6.5 billion at the end of 2025 after poor returns from its flagship Mark East-run funds. It has hired Berkshire Global Advisors to hunt for a buyer.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Angira Bharadwaj is a co-editor of Street Talk. She covers IPOs, capital raises, mergers and acquisitions and other breaking news in Australia’s capital markets. Previously, she covered financial services, state, and federal politics. Send tips to @angirab.60 on encrypted messaging platform Signal.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
Pinnacle lines up for a look at Bennelong Funds Management
Pinnacle is exploring an all-of-company proposal for Bennelong, while also weighing a break-up of the business that would involve existing affiliates.
TL;DRAI
Pinnacle is bidding for Bennelong Funds ($6.5B assets) after poor fund performance triggered an auction. This signals ongoing M&A consolidation in asset management—funds with eroding AUM become targets, reshaping institutional vendor landscapes and market structure.
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