https://www.yarracm.com/about/background/

Yarra Capital Management (YCM) was established in 2017 following the management buyout of Goldman Sachs Asset Management’s Australian-focused investment capabilities and operating platform, backed by TA Associates, a global growth private equity firm with a long history of investing in funds management companies.

The Yarra Capital Management Group offers its clients access to two leading businesses: Yarra, offering style-neutral Australian equities and fixed income capabilities including core fixed income, hybrids, credit, macro and RMBS, and Tyndall AM, a dedicated long-only manager specialising in Australian value equities. Through its partnership with the Nikko Asset Management Group, Yarra also provides access to a range of international equity products. Yarra serves the Australian institutional and retail markets, and its Australian investment products are accessed from various international markets, including Japan and New Zealand.

They're certainly not "back-yarders". They seem to be switched on and connected @edgescape . They bought Nikko AM's Australian business in 2021. I also had a look at Ethical Partners Funds Management - who have been subs of PNI on and off in recent years - but there doesn't seem to be a link between EPFM (or Apex Fund Services, their administrator and custodian) and YCM or NAM.

Back to YCM: Very much ex-Goldman Sachs (GS) because Yarra was formed from a management buy-out of GS AM's Australian arm with the help of PE (Private Equity: T A Associates):

Dion Hershan

EXECUTIVE CHAIRMAN AND HEAD OF AUSTRALIAN EQUITIES

Ex-GS (at least 10 years):

Dion is Executive Chairman and Head of Australian Equities. He is responsible for leading the Australian Equities team, and is a Portfolio Manager focussed on large cap equities.

Prior to transitioning to Yarra Capital Management, Dion was the Head of Australian Equities of Goldman Sachs Asset Management, a position he held since July 2007.

He was previously a Fund Manager at Citadel Investment Group based in New York where he managed a long/short portfolio. He also worked as an Analyst and Fund Manager for Boston-based Fidelity Investments, where he was responsible for managing a diversified fund.

Before moving to the US, Dion worked at Boston Consulting Group where he undertook financial and quantitative analysis, project and client account management.

Dion holds a Bachelor of Commerce and a Bachelor of Arts from Monash University and an MBA from Columbia Business School, New York.

Katie Hudson

EXECUTIVE DIRECTOR AND HEAD OF AUSTRALIAN EQUITIES RESEARCH

Ex-GS:

Katie is a portfolio manager focused on the small and midcap universe and, in addition, serves as the Firm's Head of Australian Equities Research.

Katie has more than 20 years of experience in investment markets, including roles as an equities research analyst and portfolio manager. Prior to transitioning to Yarra Capital Management, Katie was a portfolio manager and managing director at Goldman Sachs Asset Management.

Katie has previously worked at JM Financial Group on individual managed account portfolios and at AR Capital, a long/short fund, where she was involved with investment strategy and portfolio management and as an equities analyst and partner at JBWere.

Earlier in her career, Katie spent seven years at PwC where she was a senior manager primarily focused on mergers and acquisitions advisory and transaction support.

Katie holds a Bachelor of Commerce from The University of Melbourne and is a qualified Chartered Accountant.

Tim Toohey

HEAD OF MACRO AND STRATEGY

Ex-Ellerston Caital, and worked at GS for 15 years before that:

Tim works closely with the investment team, advising on both the outlook for financial markets and asset allocation. He is also co-Portfolio Manager of the Yarra Income Plus Fund.

Prior to joining Yarra Capital Management, Tim was Chief Economist of Ellerston Capital’s Global Macro team. With more than 25 years’ industry experience, Tim is one of Australia’s most highly regarded economists. He previously spent 15 years as Chief Economist and Head of Macro Strategy Australia and New Zealand at Goldman Sachs, during which time he was named Australia’s number one economist in the Greenwich survey for 13 consecutive years from 2003-2016.

Tim has a Bachelor of Commerce degree from the University of Melbourne (Honours in Economics) and a Masters of Economics also from The University of Melbourne.

David Acton

PORTFOLIO MANAGER, PRIVATE CAPITAL

Ex-Rothschild Australia, and before that 16 years at GS, with 6 of those as MD:

David is a Portfolio Manager within the Australian Equities team, leading the Firm's Private Capital capability.

David has 30 years' international equity capital markets experience, having worked internationally and domestically. He was most recently a Senior Advisor at Rothschild Australia with a focus on Equity Capital markets and corporate advice. Prior to Rothschild, David spent 25 years at global investment banks with roles in equity research, equity sales and trading.

Between 2000 and 2016, David worked at Goldman Sachs in New York, Singapore and Sydney advising institutional investors. He was a Managing Director at Goldman Sachs, managing the Equities division of Goldman Sachs in Australia from 2011 to 2016 and holding risk committee and board roles.

David is a Chartered Financial Analyst®, holds a Bachelor of Business (Accounting and Finance) degreed and has completed the Australian Institute of Company Directors Course.

Joel Fleming

PORTFOLIO MANAGER, MICROCAPS

Ex-UBS/ING/Allianz-RCM/Paterson Ord Minnett:

Joel is a Portfolio Manager within the Australian Equities team, leading the Firm's Microcaps Strategy.

Joel previously spent seven years at UBS Asset Management, where he was the lead Microcaps Portfolio Manager and was responsible for the analysis of Australian emerging companies. His prior experience includes four years with ING Investment Management and three years at Allianz Global Investors-RCM as a Small Companies Analyst focused on ex-100 industrial companies. Joel began his career with Paterson Ord Minnett, Perth, where he covered emerging WA industrial companies.

Joel holds a Bachelor of Commerce from Curtin University, a Graduate Diploma of Applied Finance and Investment from FINSIA and is a Chartered Financial Analyst®.

Michael Steele

CO-PORTFOLIO MANAGER, SMALL CAPS

Ex-GS (9 years):

Michael is co-Portfolio Manager of the Firm's Smaller Companies strategy and is responsible for analysing the consumer sector and ex-100 companies within the Australian equities team.

Michael previously spent nine years as an investment manager for Goldman Sachs Asset Management.

Michael holds a Bachelor of Commerce and a Bachelor of Agricultural Science (First Class Honours) from The University of Melbourne.

Andrew Smith

PORTFOLIO MANAGER, MARKET NEUTRAL

Ex-Karara Capital/Freehold IM/APN and 4 years at GS before that:

Andrew is a Portfolio Manager within the Australian Equities team, responsible for leading the Firm’s Market Neutral Strategy.

Andrew previously spent six years at Karara Capital, where he was a Director and Investment Manager delivering top quartile performance for its Market Neutral and REITs strategies. His prior experience includes five years with Freehold Investment Management, three years with APN, and four years with Goldman Sachs where he was an Executive Director (Real Estate) and Australian fund manager responsible for $1.5bn of assets. Andrew began his career with Portfolio Partners where he was an AREIT fund manager and co-PM of a low-volatility Australian Equity fund.

Andrew has a Bachelor of Commerce (Finance & Economics) and Bachelor of Science (Statistics & Mathematics) from Deakin University and a Graduate Diploma of Finance & Investment from the Securities Institute of Australia.

Marcus Ryan

DEPUTY PORTFOLIO MANAGER, BROADCAP EQUITIES

Ex-GS (11 years):

Marcus is Deputy Portfolio Manager of the Yarra Australian Equities Fund and Co-Portfolio Manager for the Yarra Real Assets Securities Fund. He is responsible for research and analysis of real estate, healthcare and building materials securities.

Marcus previously spent 11 years as an investment manager at Goldman Sachs Asset Management, where he also covered real estate, insurance and building materials.

Marcus holds a Bachelor of Engineering (First Class Honours) and a Bachelor of Commerce from Monash University, including abroad programs at Boston College, USA (Carroll School of Management) and the University of Ulm, Germany (Advanced Materials).

Edward Waller

DEPUTY PORTFOLIO MANAGER, EX-20 EQUITIES

Ex-GS (10 years):

Ed is Deputy Portfolio Manager of the Yarra Ex-20 Australian Equities Fund, Co-Portfolio Manager for the Yarra Real Assets Securities Fund and is responsible for research and analysis of banks, diversified financials, infrastructure and utilities securities.

Ed previously worked for 10 years as an investment manager for Goldman Sachs Asset Management.

Prior to that he was a Research Analyst at Adviser Edge Investment Research where he analysed managed investment scheme projects across a broad range of agricultural industries.

Ed holds a Bachelor of Commerce and a Bachelor of Agricultural Science (First Class Honours) from The University of Melbourne.

Leo Leslie

SENIOR PORTFOLIO MANAGER

Ex-Nikko:

Leo joined Nikko Asset Management in 2012 and transitioned to Yarra Capital Management in April 2021.

At Yarra, Leo is responsible for managing high yield credit and loan investments, including the Nikko AM Australian LBO Loan Fund. He also has responsibility for credit analysis of various domestic and global issuers, focusing particularly on infrastructure-related credits.

Leo brings more than 30 years’ experience, across asset management and wholesale banking, both locally and offshore. He previously spent approximately 18 years with State Bank of NSW in various lending, relationship management, structured finance and workouts roles, both in Sydney and New York. This was followed by 6 years with Paribas Australia and BNP Paribas, including as a director in the Leveraged Finance Europe team, based in London. Prior to joining the business, Leo held senior credit roles with Maple Financial Group and Causeway Asset Management, where he had responsibility for assessing, structuring and managing bespoke private debt transactions for middle market borrowers.

Leo holds a Bachelor of Commerce (Accounting, Finance and Systems) and is a Graduate of the Australian Institute of Company Directors.

Charl Marais

SENIOR PORTFOLIO MANAGER

Ex-Nikko:

Charl is a Senior Portfolio Manager responsible for external manager research and multi-manager strategies on behalf of clients in Australia and New Zealand. He also looks after the ARK model portfolios for Separately Managed Accounts.

He has 21 years of investment industry experience from financial institutions in South Africa and Australia. He spent the first five years of his career as a stockbroker and portfolio manager (advisory and discretionary), followed by two years in risk management as a credit risk analyst. Charl moved to Australia in 2007, starting as a fund research analyst at Morningstar before joining Nikko AM Limited (then Tyndall AM) in May 2008, transitioning to Yarra Capital Management in April 2021.

Charl holds a Master of Science degree in Chemical Engineering from The University of Stellenbosch, is a Chartered Financial Analyst® and a certified Financial Risk Manager.

Mark O’Neill

SENIOR INVESTMENT MANAGER

Ex-GS (17 years):

Mark is responsible for both equity trading, and also equity portfolio risk analysis across all Yarra equity strategies.

Mark joined Yarra Capital Management from Goldman Sachs Asset Management in 2017. Mark worked for Goldman Sachs for 17 years, initially based in London working in Risk Management and Analysis, and more recently in Equity Portfolio Construction focusing on Global and European equity strategies. He then transitioned to the Australian equities team in Melbourne in 2011.

Mark holds a Bachelor of Business (Hons), the Investment Management Certificate from the UK Society of Investment Professionals and is a Chartered Alternative Investment Analyst®.

Olivia Bayley

INVESTMENT MANAGER

Ex-AustralianSuper:

Olivia is an investment manager covering Industrial and Technology companies within the Australian Equities team.

Olivia joined Yarra Capital Management after spending five years with AustralianSuper, where she was most recently an Equity Analyst covering Infrastructure and Utilities. Olivia previously worked in AustralianSuper’s Unlisted Infrastructure Team following completion of AustralianSuper’s two-year graduate program, during which time she had exposure to its Infrastructure, Property, and Fixed Income teams.

Olivia holds a Bachelor of Commerce and Master of Finance from the University of Melbourne and is a Chartered Financial Analyst®.

Mathew Wong

SENIOR INVESTMENT ANALYST

Mathew is a senior investment analyst covering ex-100 companies within the Australian Equities team.

Prior to joining full-time in January 2020, Mathew interned with Yarra Capital Management, gaining experience in the Equities, Fixed Income, Marketing and Distribution, and Legal and Compliance teams.

Mathew holds a Bachelor of Commerce (First Class Honours) from The University of Melbourne.

Luke Wynd

SENIOR INVESTMENT ANALYST

Luke is a Senior Investment Analyst and is responsible for the research and analysis of portfolios and macroeconomic activity within the fixed income team.

Luke joined Yarra Capital Management in January 2020 after completing his studies in 2019. During his studies, he worked in client services within the financial planning industry.

Luke holds a Bachelor of Commerce (Finance & Marketing) from The University of Melbourne.

Josh Ginges

INVESTMENT ANALYST

Josh is an Investment Analyst covering Microcap companies within the Australian equities team.

He joined Yarra Capital Management in January 2022 from a leading private wealth boutique, where he worked as an Associate Portfolio Manager.

Josh holds a Bachelor of Agricultural Economics majoring in Finance from the University of Sydney and is currently undertaking the CFA program.

Josh's LinkedIn page shows that the "leading private wealth boutique" he worked at before YCM was Minchin Moore Private Wealth Advisers where his job title was Associate Portfolio Manager - for 9 months. More on them here: https://minchinmoore.com.au/how-we-invest/

Most of the above is from here: https://www.yarracm.com/our-team/investment-team/

And there are more people listed there - but the others appear to have more to do with fixed income, private equity, hybrid securities and other investments that are not related to a company like Pinnacle IM (PNI). Some of their people - who I have ommitted from the above list - are involved in Australian equities but they are responsible for specific sectors that are not applicable, such as resources and energy companies - or consumer, telco and gaming companies, so I skipped over them.

So, after all that, it's clear that YCM are a serious investment house, but I don't have any idea why they have invested in PNI.

There are other names on the "Subs" notice, including SP AUSTRALIA TOPCO, and it would appear that they are a holding company that YCM use or are otherwise associated with them - as TOPCO also appear on this Subs notice from YCM for 29Metals from November 2021: 29M-Subs-notice-from-YCM-20211130.pdf

UNIVERSAL and FINCO also appear in that notice for 29M (as well as the one for PNI). TYNDALL or TEAL (Tyndall Equities Australia Pty Ltd) was the old name for Nikko's Australian operations. Nikko Asset Management bought Tyndall and then changed the Tyndall name to Nikko to reflect the its Tokyo-based parent company's ownership, and then Yarra bought Tyndall (or Nikko AM's Australian operations) off Nikko and announced they would revive the Tyndall name - see here: https://www.financialstandard.com.au/news/yarra-completes-acquisition-179254073# [12-April-2021] - and here: Team | Tyndall Asset Management (tyndallam.com)

So Tyndall is owned by Yarra (YCM) and is the Australian arm of Nikko AM that YCM bought off Nikko in 2021. There are GS backgrounds among some of the Tyndall people as well by the way.

That hopefully explains a little about the various entities that appear on the "Subs" notice, but not why they've invested in PNI. Hope it helps a bit.