Outflows approach $100m at Platinum

ASX/Kerr-Neilson/Platinum/outflows/

12 September 2022
| By Laura Dew |
image
image
expand image

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 This included $58 million withdrawn from its Platinum Trust Funds.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

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

1 month 4 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

3 weeks 3 days ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 2 days ago

The Federal Court has made interim orders to freeze the assets of a managed investment scheme, its responsible entity, and a director....

1 month ago

TOP PERFORMING FUNDS