Platinum Asset Management

Last updated

Platinum Asset Management
Company type Public
ASX:  PTM
S&P/ASX 300 component [1]
Industry Investment management
Founded1994;30 years ago (1994)
Founders Kerr Neilson
Andrew Clifford
Elizabeth Norman
Toby Harrop
Headquarters
7 Macquarie Place, Sydney, New South Wales
,
Australia
Key people
Andrew Clifford (CEO)
Products Mutual Fund
Hedge fund
Listed investment company
UCITS
RevenueDecrease2.svgA$252.67 million (FY 2022)
Decrease2.svgA$101.49 million (FY 2022)
AUM Decrease2.svgA$17 billion (Q3 2022)
Total assets Decrease2.svgA$349.76 million (FY 2022)
Total equity Decrease2.svgA$323.56 million (FY 2022)
Number of employees
110 (Q2 2021)
Website platinum.com.au
Footnotes /references
[2] [3]

Platinum Asset Management is an Australian asset management company. It has been publicly traded on the Australian Securities Exchange since 2007. [4] It is a constituent member of the S&P/ASX 300 index. In 2015, it was ranked as the largest hedge fund group in Australia as well as the second largest in Asia-Pacific. [5]

Contents

It has two investment companies listed on the Australian Securities Exchange which are Platinum Capital Limited (ASX :  PMC) and Platinum Asia Investments Limited (ASX :  PAI). In addition it has three listed funds which are Platinum International Fund (ASX :  PIXX), Platinum Asia Fund (ASX :  PAXX) and Platinum Global Transition Fund (ASX: PGTX). [6]

History

In 1994, Platinum Asset Management was founded by Kerr Neilson and several others with the financial backing of George Soros. [7] It was founded as a specialist company in international equities.

The success of the company was attributed to the ability to transcend short-term market investment and focus on long-term returns. Its strongest performance came between 2000 and 2002. [8]

In 2007, Platinum Asset Management went public and was listed on the Australian Securities Exchange under the ticker: 'PTM'. [4]

Poor results during the 2012 financial year resulted in a 16 per cent fall in net profit, mainly due to a 14 per cent reduction in investment income. As a result, Neilsen agreed to forego a performance bonus, an increase in his base salary, and neither granted himself nor exercised options. [9]

In 2018, Neilson stepped down as chief executive officer and was replaced by Andrew Clifford who was another co-founder of the company. [8] [10] In November 2022, Neilson resigned from his position at the company's board of directors although he still remained the company's largest shareholder. [11]

In February 2023, Neilson called for Clifford to resign citing the firm's poor performance and how Clifford shouldn't hold the role of both CEO and CIO simultaneously. [12] In August that year, the board of directors announced that Clifford would step down from his role as CEO once a successor was found although he would remain as CIO. [13]

On 8 September 2023. shares of Platinum Asset Management hit a record low of A$1.335 after more than A$900 million was pulled from its funds in August. According to a report by Barrenjoey Capital Partners, the company was in "severe organic decay". [14]

See also

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References

  1. ↑ "ASX 300 List - Data for ASX Top 300 Companies". www.asx300list.com.
  2. ↑ "Annual Report 2022" (PDF). Platinum Asset Management.
  3. ↑ "About Platinum - Platinum Asset Management". www.platinum.com.au.
  4. 1 2 "Platinum Asset Management shines on ASX". The Sydney Morning Herald. 23 May 2007.
  5. ↑ "Asian hedge funds surpass pre-crisis peak". www.fundsglobalasia.com. Retrieved 2 July 2023.
  6. ↑ "Platinum Asset Management Ltd, PTM:ASX profile - FT.com". markets.ft.com. Retrieved 16 April 2021.
  7. ↑ "Taking a punt proves Platinum's mettle". The Age. 28 December 2003. Retrieved 16 April 2021.
  8. 1 2 "Platinum Asset Management". thehedgefundjournal.com. Retrieved 2 July 2023.
  9. ↑ Evans, Michael (17 August 2012). "Neilson axes bonus after hit at Platinum". The Sydney Morning Herald. Retrieved 1 September 2012.
  10. ↑ Stewart, Tim (22 February 2018). "Platinum's Kerr Neilson steps down as CEO". www.investordaily.com.au. Retrieved 16 April 2021.
  11. ↑ "Sharemarket addict Kerr Neilson farewells Platinum". Australian Financial Review. 16 November 2022. Retrieved 8 September 2023.
  12. ↑ "Kerr Neilson says Platinum CEO Clifford must go". Australian Financial Review. 19 February 2023. Retrieved 8 September 2023.
  13. ↑ "Why Andrew Clifford and David George are the last rock star CIOs". Australian Financial Review. 27 August 2023. Retrieved 8 September 2023.
  14. ↑ "Platinum in 'severe organic decay' after $900m of outflows". Australian Financial Review. 8 September 2023. Retrieved 8 September 2023.
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