Platinum Asset Management

Australian investment management firm

Platinum Asset Management

Company type| Public

Traded as

| ASX: PTM
S&P/ASX 300 component[1]
Industry| Investment management
Founded| 1994; 31 years ago (1994)
Founders| Kerr Neilson
Andrew Clifford
Elizabeth Norman
Toby Harrop
Headquarters|

7 Macquarie Place, Sydney, New South Wales

Australia

Key people

| Andrew Clifford (CEO)
Products| Mutual Fund
Hedge fund
Listed investment company
UCITS
Revenue|  A$252.67 million (FY 2022)

Net income

|  A$101.49 million (FY 2022)
AUM|  A$17 billion (Q3 2022)
Total assets|  A$349.76 million (FY 2022)
Total equity|  A$323.56 million (FY 2022)

Number of employees

| 110 (Q2 2021)
Website| platinum.com.au
Footnotes / references
[2][3]

Platinum Asset Management is an Australian asset management company. It has been publicly traded on the Australian Securities Exchange since 2007.[4] It is a constituent member of the S&P/ASX 300 index. In 2015, it was ranked as the largest hedge fund group in Australia as well as the second largest in Asia-Pacific.[5]

It has two investment companies listed on the Australian Securities Exchange which are Platinum Capital Limited (ASX: PMC) and Platinum Asia Investments Limited (ASX: PAI). In addition it has three listed funds which are Platinum International Fund (ASX: PIXX), Platinum Asia Fund (ASX: PAXX) and Platinum Global Transition Fund (ASX: PGTX).[6]

## History

[edit]

In 1994, Platinum Asset Management was founded by Kerr Neilson and several others with the financial backing of George Soros.[7] It was founded as a specialist company in international equities.

The success of the company was attributed to the ability to transcend short-term market investment and focus on long-term returns. Its strongest performance came between 2000 and 2002.[8]

In 2007, Platinum Asset Management went public and was listed on the Australian Securities Exchange under the ticker: 'PTM'.[4]

Poor results during the 2012 financial year resulted in a 16 per cent fall in net profit, mainly due to a 14 per cent reduction in investment income. As a result, Neilsen agreed to forego a performance bonus, an increase in his base salary, and neither granted himself nor exercised options.[9]

In 2018, Neilson stepped down as chief executive officer and was replaced by Andrew Clifford who was another co-founder of the company.[8][10] In November 2022, Neilson resigned from his position at the company's board of directors although he still remained the company's largest shareholder.[11]

In February 2023, Neilson called for Clifford to resign citing the firm's poor performance and how Clifford shouldn't hold the role of both CEO and CIO simultaneously.[12] In August that year, the board of directors announced that Clifford would step down from his role as CEO once a successor was found although he would remain as CIO.[13]

On 8 September 2023. shares of Platinum Asset Management hit a record low of A$1.335 after more than A$900 million was pulled from its funds in August. According to a report by Barrenjoey Capital Partners, the company was in "severe organic decay".[14]

## See also

[edit]

* Navigator Global Investments

## References

[edit]

1. ^ "ASX 300 List - Data for ASX Top 300 Companies". www.asx300list.com.
2. ^ "Annual Report 2022" (PDF). Platinum Asset Management.
3. ^ "About Platinum - Platinum Asset Management". www.platinum.com.au.
4. ^ a b "Platinum Asset Management shines on ASX". The Sydney Morning Herald. 23 May 2007.
5. ^ "Asian hedge funds surpass pre-crisis peak". www.fundsglobalasia.com. Retrieved 2 July 2023.
6. ^ "Platinum Asset Management Ltd, PTM:ASX profile - FT.com". markets.ft.com. Retrieved 16 April 2021.
7. ^ "Taking a punt proves Platinum's mettle". The Age. 28 December 2003. Retrieved 16 April 2021.
8. ^ a b "Platinum Asset Management". thehedgefundjournal.com. Retrieved 2 July 2023.
9. ^ Evans, Michael (17 August 2012). "Neilson axes bonus after hit at Platinum". The Sydney Morning Herald. Retrieved 1 September 2012.
10. ^ Stewart, Tim (22 February 2018). "Platinum's Kerr Neilson steps down as CEO". www.investordaily.com.au. Retrieved 16 April 2021.
11. ^ "Sharemarket addict Kerr Neilson farewells Platinum". Australian Financial Review. 16 November 2022. Retrieved 8 September 2023.
12. ^ "Kerr Neilson says Platinum CEO Clifford must go". Australian Financial Review. 19 February 2023. Retrieved 8 September 2023.
13. ^ "Why Andrew Clifford and David George are the last rock star CIOs". Australian Financial Review. 27 August 2023. Retrieved 8 September 2023.
14. ^ "Platinum in 'severe organic decay' after $900m of outflows". Australian Financial Review. 8 September 2023. Retrieved 8 September 2023.

## External links

[edit]

* Official website

* v
* t
* e

Hedge funds

Investment
strategy|

| Arbitrage /
relative value|

* Capital structure arbitrage
* Convertible arbitrage
* Equity market neutral
* Fixed income arbitrage / fixed-income relative-value investing
* Statistical arbitrage
* Volatility arbitrage

|

Event-driven|

* Shareholder activism
* Distressed securities
* Risk arbitrage
* Special situation

Directional|

* Convergence trade
* Commodity trading advisors / managed futures account
* Dedicated short
* Global macro
* Long/short equity
* Trend following

Other|

* Fund of hedge funds / Multi-manager

Trading|

* Algorithmic trading
* Day trading
* High-frequency trading
* Prime brokerage
* Program trading
* Proprietary trading

Related
terms|

| Markets|

* Commodities
* Derivatives
* Equity
* Fixed income
* Foreign exchange
* Money markets
* Structured securities

|

Misc|

* Absolute return
* Arbitrage pricing theory
* Assets under management
* Black–Scholes model (Greeks: delta neutral)
* Capital asset pricing model (alpha / beta / security characteristic line)
* Fundamental analysis
* Hedge
* Securitization
* Short
* Taxation of private equity and hedge funds
* Technical analysis

Investors|

* Vulture funds
* Family offices
* Financial endowments
* Fund of hedge funds
* High-net-worth individual
* Institutional investors
* Insurance companies
* Investment banks
* Merchant banks
* Pension funds
* Sovereign wealth funds

Governance|

* Fund governance
* Standards Board for Alternative Investments
* Managed Funds Association

* Alternative investment management companies
* Hedge funds
* Hedge fund managers
* List of hedge funds

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