Platinum to commence CEO search
Platinum Asset Management is set to commence a search for a new chief executive to succeed Andrew Clifford, who steps down after five years in the role.
He will remain as co-chief investment officer alongside Clay Smolinski.
He will also continue to co-manage Platinum’s flagship global equity strategy, launched in 1994, and Asia strategy, launched in 2003. Together, the funds have over $20 billion in assets under management.
Clifford, a co-founder of the firm, has been with Platinum for almost 30 years.
“I have made the decision to step aside from the role of managing director/CEO allowing me to fully concentrate on the positions of co-chief investment officer and co-portfolio manager of our global and Asia strategies,” Clifford said.
“Platinum’s business has developed substantially since its beginnings nearly 30 years ago, and as such, this now requires a greater focus on the strategic direction of the business.
“I very much look forward to continuing to provide strong absolute returns for our clients. I thank our shareholders for their support throughout my time as CEO.”
Clifford will hold the CEO role on an interim basis until his successor is appointed, the board confirmed.
Guy Strapp, chair of the board, said: “The board acknowledges Andrew’s enormous contribution in the role of chief executive officer of the Platinum Group.
“In his capacity as co-chief investment officer and co-portfolio manager of the global and Asia strategies, Andrew’s extensive investment and portfolio management experience will continue to play an integral part in delivering strong absolute returns for our clients.”
In the year to 30 June 2023, the firm reported net profit after tax (NPAT) of $80.8 million, a decrease of 20 per cent from $101.5 million the previous financial year.
Average funds under management stood at $18.1 billion, down from $21.4 billion.
AUTHOR
Rhea Nath
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