ING Australia acquires Pinnacle Partners

ING Australia today announced it has acquired 100 per cent of the Melbourne-based dealer group Pinnacle Partners Pty Ltd.

With funds under management of $545 million, Pinnacle Partners has 20 advisers across 13 practices who provide a full range of retirement planning, individual and corporate supernanuaton and risk insurance consulting. Pinnacle Partners will be fully integrated into Millennium3 which is 100 per cent owned by ING Australia.

Commenting on the acquisition, the Chief Executive Officer of ING Australia, Harry N. Stout, said: “We are delighted to welcome Pinnacle Partners under the ING Australia umbrella. Millennium3 is one of  the fastest growing dealer groups in the industry, and this acquisition is a great opportunity for the advisers and clients of Pinnacle Partners to benefit from the additional value and services that can be provided by Millennium3.” 

Mr Stout said the announcement was part of an ongoing strategy of making strategic acquisitions to increase ING’s distribution footprint in the Australian wealth management industry.