Outflows approach $100m at Platinum
Platinum has seen outflows of almost $100 million in August, compared to inflows of $22 million in July.
In an announcement to the Australian Securities Exchange (ASX), the firm said it had seen $99 million in net outflows during August. This included $58 million withdrawn from its Platinum Trust Funds.
Total funds under management had fallen from $17,956 million to $17,885 million.
This compared to inflows of $22 million during July.
It had been announced during August that Kerr Neilson, co-founder and non-executive director of Platinum, would retire in November 2022. He founded the firm in 1994 with Andrew Clifford and was managing director until 2018.
In a statement, Neilson said: “So many things were deferred as I charged round the world as a fund manager that I now need to fill in the missing pieces. I will miss my close engagement with the Platinum team but am reassured by knowing they have all the right ingredients to deliver great results for our clients. I have no plans to decrease my holding in the company”.
Meanwhile, in its annual results to 30 June, the firm said funds under management had declined 23% in the year from $23.5 billion at the end of June 2021 to $18.2 billion, driven by negative investment returns and net fund outflows.
Pre-tax profit was $146.7 million, a 37.4% decrease on the previous year.
AUTHOR
Laura Dew
Recommended for you
Wealth managers who lack expertise in alternatives could find themselves at risk of losing clients, according to iCapital, with a shift towards evergreen funds already at play in their asset allocations.
The development of semi-liquid private equity funds is providing an easier way for wealth managers to access the asset class, according to a panel, while firms are substantially improving their valuation processes.
Generation Development Group has appointed former Evidentia chief executive Peter Smith as an executive director.
Equity Trustees has paid three infringement notices issued by ASIC in which the corporate regulator alleged it made misleading statement about investments in a sustainable bond fund.
