No the ferrules are not pinned. My first thought on seeing this rod was like yours. It appeared to be a custom built rod. The fit and finish of the rod have the appearance of special attention from a skilled rod maker. Kind of like buying a firearm from a big manufacturers custom shop. Not to put down their mass produced models, I normally buy them, but the same models from a manufacturers custom shops have all of the little details that make them that much better. If you know what I mean.
Sorry about the ramble. Some day I will be able to order a Kusse or a Clouser but this old Montague has me excited. Like a kid at Christmas. There's just something about bamboo, no matter who the rod maker is.
American veteran and proud of it!