Platinum launches two quoted funds
Platinum Asset Management has announced the launch of two new managed funds, the Platinum International Fund (PIXX) and the Platinum Asia Fund (PAXX), which will be shortly quoted on the Australian Securities Exchange (ASX).
According to the company, the funds would commence trading on the ASX around 14 September.
Both funds were structured as feeder funds into Platinum’s two flagship unlisted funds, the $10 billion Platinum International Fund (PIF) and $4 billion Platinum Asia Fund (PAF).
The company also said the launch would allow it to offer advisers, self-managed super funds and other investors an access to an actively managed portfolio of global companies with one trade.
Also, to ensure that PIXX and PAXX investors receive a similar experience to their fellow PIF and PAF unlisted fund investors going forward, Platinum said it would cover the establishment costs for the new feeder funds and their ongoing operating costs, leaving PIXX and PAXX investors to pay overall costs and charges similar to the PIF and PAF performance fee investors.
Additionally, Platinum has appointed an agent to act as a market maker for the new quoted managed funds and which would add liquidity during the ASX trading day to ensure the quoted funds did not trade at a significant discount to their respective net asset values, the company announced.
Platinum Asset Management’s chief executive, Keir Neilson, said: “These funds represent a significant improvement in the way in which actively managed funds are acquired by investors.
“Rather than proliferating additional products, these funds enable investors to gain ready access to the existing underlying funds’ larger pools of capital that have excellent long-term performance records.
“In addition, investors will know at the time of making the investment, the indicative price they will pay through intra-day live pricing.”
Platinum would be the responsible entity for both funds.
AUTHOR
Oksana Patron
Recommended for you
BlackRock has announced its plan to acquire real estate investment firm ElmTree Funds which will be integrated into its new private financing solutions business.
With share price growth of 45 per cent for FY25, Australian Ethical has shared why it believes the firm has done so well compared to its active peers.
ETF investors would be wise to consider global or European exposure for their equity ETF allocations, according to AXA IM, with US government action expected to hit both its equity and bond performance.
A specialist ETF provider is seeking to become “the new Betashares” with its active ETFs, thanks to its use of algorithms to achieve outperformance.
