SLB acquires 20% stake in UK fund management business for £90,000

PROPERTY developer SLB Development on Tuesday said it has exercised its option to subscribe for a 20 per cent stake in Pinnacle Investment Management Limited for £90,000 .

PIML, which aims to build funds focused on the private rented sector across the UK, is the fund management subsidiary of UK-based Pinnacle Investments and Pinnacle Group. Following shareholders' approval obtained last September to diversify SLB's business into fund management, the group made a maiden investment of £2 million into UK residential fund, Pinnacle Residential Fund, which is managed by PIML. The investment was made through SLB's subsidiary, SLB Starcap.

"The Pinnacle Residential Fund is acquiring assets across the UK in areas where supply and demand is most dislocated and that exhibit good prospects for economic growth," SLB said. Matthew Ong, executive director and chief executive of SLB, said:"The diversification of our business into fund management has proven to be a winning strategy through the creation of new and recurring income streams for sustained growth."

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