Platinum makes major investment team shake-up
Platinum Asset Management has announced co-chief investment officers Andrew Clifford and Clay Smolinski are to step down from their roles.
Clifford, who has worked at Platinum for 31 years and is a former chief executive, will step down from the CIO roles and his global portfolio management responsibilities. Instead, he will assume an investment mentorship role as part of the investment oversight group.
Meanwhile, Smolinski is to take a “leave of absence for six months” after almost two decades at the business. He will also step away from his portfolio manager responsibilities on the flagship Platinum International Fund.
At the end of the period, he will determine whether he will return in an alternative role within the investment team, in consultation with Platinum management.
This means the firm is currently without any CIOs as it did not formally name a replacement for the pair.
The firm has also appointed long-short global equity manager Ted Alexander to run the Platinum International fund and its other global strategies. Alexander was previously a portfolio manager at Magellan and chief investment officer at global investment house BML Funds.
Meanwhile, Jim Simpson, who joined the board as a non-executive director in November 2024, will now take up an executive role as chair of the investment oversight group, working alongside Clifford. He had been a founding member of Platinum back in 1994 and worked as a portfolio manager on its Japan strategies until his exit in 2007.
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.”
Platinum chief executive, Jeff Peters, said: “Ted was the standout candidate in a robust selection process, with an excellent track record of performance across several managers. He is also a strong leader and shares the values and investment philosophy that have been the bedrock of Platinum’s offering to clients.
"In conjunction with the Investment Oversight Group, he will have a mandate to improve the investment process with the clear objective of revitalising the investment performance of the Platinum International Fund. We thank Andrew and Clay for their significant contributions and Andrew for his ongoing commitment during this transition period.”
AUTHOR
Laura Dew
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