The winners and losers in funds management in 2023
Clime Investment Management has seen losses of 32 per cent since the start of the year, while Platinum Asset Management has also reported a double-digit loss.
Looking at the share price performance of ASX-listed fund managers since the start of 2023 to 19 December, Platinum and Clime were both significant outliers.
Clime Investment Management saw shares fall by 32 per cent during the calendar year compared to gains of 7.1 per cent by the ASX 200.
In light of this, the firm announced it is strategically pivoting its existing business model towards a full-service private wealth business. This will likely lead to growth in advisory fee revenue against a decline in funds management until FUM growth is sustainably generated, the firm said.
Meanwhile, Platinum Asset Management saw its share price decline by 22 per cent during the period. Earlier this month, the firm appointed Jeff Peters as chief executive and managing director, taking over from co-founder Andrew Clifford who will focus on his co-chief investment officer role.
Funds under management were down from $18.1 billion in January to $15.5 billion at the end of November.
Both firms had been on a losing streak, with five-year data showing Clime lost 27 per cent and Platinum lost 71 per cent.
The other asset manager to see a share price decline during 2023 was Wilson Asset Management, which declined by 10 per cent.
Looking at the firms that saw gains, US firm GQG Partners gained 18.8 per cent and Perpetual, which completed its merger with Pendal at the start of 2023, saw a small gain of 2.7 per cent.
Magellan, which had a difficult year with funds under management decline, saw its share price gain 5.3 per cent. There was a sharp fall in October when chief executive David George announced he would be departing, but it has since regained these losses.
However, over a longer five-year period, all three asset managers had seen losses with GQG losing 19 per cent, Perpetual losing 17 per cent and Magellan losing 55 per cent.
| Fund manager | Share price movement (%) |
| GQG Partners | 18.8 |
| Magellan | 5.3 |
| Perpetual | 2.7 |
| Wilson Asset Management | -10 |
| Platinum Asset Management | -22.4 |
| Clime Investment Management | -32 |
Source: ASX, 19 December
AUTHOR
Laura Dew
Recommended for you
Platinum Asset Management has put its two closed-end funds under strategic review in a bid to reduce the share price discount to pre-tax NTA and maximise shareholder value.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Add new comment