Platinum outflows steady after manager exits
Platinum Asset Management has seen outflows moderate during March, down 15 per cent from the previous month when it announced two major investment team changes.
In an ASX statement, the Australian-based asset manager said funds under management (FUM) at the end of March were $10.3 billion, down from $10.7 billion in the previous month.
During the month, the firm experienced outflows of $302 million, down 15 per cent from outflows of $358 million in the previous month when the firm announced its two co-chief investment officers would be stepping back from their positions.
Some $252 million of the outflows came from the firm’s Platinum Trust funds.
On its flagship Platinum International Fund, which was most impacted by the investment team change as its two portfolio managers stepped back, assets were $4 billion. This was down from $4.6 billion at the end of 2024.
In February, Platinum announced a raft of executive changes to its investment team. Co-chief investment officer and former chief executive, Andrew Clifford, would step back from the CIO role and join the firm’s investment oversight group.
His co-chief investment officer, Clay Smolinski, will take a leave of absence for six months and it is unclear what role he will return to at the firm, although chief executive Jeff Peters has confirmed it is unlikely to be a fund management one.
Meanwhile, Ted Alexander has joined the firm to take over management of the Platinum International Fund, joining from BML Funds.
Jim Simpson, who was a former founding member of the firm back in 1994, has returned to the firm to lead the investment oversight group. He initially came back as a non-executive director in November 2024 and has now taken a hands-on executive role on the committee.
Clifford said: “This refreshed structure harnesses our highly experienced team, while introducing fresh talent that will bring new ideas and approaches. I’m confident the team can produce quality returns for our clients.”
Commenting on the exit at the time, Morningstar equity analyst Shaun Ler said Clifford and Smolinski’s public presence meant retail investors would take time to adjust to the new management.
“There is potential for client redemptions. It is likely to take time for investors to gain confidence in Alexander. There may also be concerns about ongoing cost reductions and restructuring – including headcount reductions – across the broader group, which could impact research capabilities.”
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Laura Dew
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