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 This included $58 million withdrawn from its Platinum Trust Funds.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
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