Platinum Asset Management
{{short description|Australian investment management firm}}
{{Use dmy dates|date=December 2023}}
{{Infobox company
| name = Platinum Asset Management
| logo = Platinum Asset Management Logo.svg
| image =
| image_caption =
| type = Public
| traded_as = {{ASX|PTM}}
S&P/ASX 300 component{{cite web |title=ASX 300 List - Data for ASX Top 300 Companies |url=https://www.asx300list.com/ |website=www.asx300list.com}}
| industry = Investment management
| products = Mutual Fund
Hedge fund
Listed investment company
UCITS
| founded = {{start date and age|1994}}
| founders = Kerr Neilson
Andrew Clifford
Elizabeth Norman
Toby Harrop
| hq_location_city = 7 Macquarie Place, Sydney, New South Wales
| hq_location_country = Australia
| key_people = Andrew Clifford (CEO)
| revenue = {{decrease}} {{A$|252.67 million}} (FY 2022)
| net_income = {{decrease}} {{A$|101.49 million}} (FY 2022)
| aum = {{Decrease}} {{A$|17 billion}} (Q3 2022)
| assets = {{decrease}} {{A$|349.76 million}} (FY 2022)
| equity = {{decrease}} {{A$|323.56 million}} (FY 2022)
| num_employees = 110 (Q2 2021)
| website = {{URL|www.platinum.com.au/|platinum.com.au}}
| footnotes ={{cite web |title=Annual Report 2022 |url=https://www.platinum.com.au/PlatinumSite/media/ASX-Releases/ptm_asx_final_annual_report_0622.pdf |website=Platinum Asset Management}}{{cite web |title=About Platinum - Platinum Asset Management |url=https://www.platinum.com.au/About-Platinum |website=www.platinum.com.au}}
}}
Platinum Asset Management is an Australian asset management company. It has been publicly traded on the Australian Securities Exchange since 2007.{{cite web |title=Platinum Asset Management shines on ASX |url=https://www.smh.com.au/business/platinum-asset-management-shines-on-asx-20070523-ebx.html |website=The Sydney Morning Herald |language=en |date=23 May 2007}} 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.{{Cite web |title=Asian hedge funds surpass pre-crisis peak |url=https://www.fundsglobalasia.com/news/15271-asian-hedge-funds-surpass-pre-crisis-peak |access-date=2 July 2023 |website=www.fundsglobalasia.com}}
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).{{Cite web|title=Platinum Asset Management Ltd, PTM:ASX profile - FT.com|url=https://markets.ft.com/data/equities/tearsheet/profile?s=PTM:ASX|access-date=16 April 2021|website=markets.ft.com}}
History
In 1994, Platinum Asset Management was founded by Kerr Neilson and several others with the financial backing of George Soros.{{Cite web|date=28 December 2003|title=Taking a punt proves Platinum's mettle|url=https://www.theage.com.au/national/taking-a-punt-proves-platinums-mettle-20031228-gdx0i2.html|access-date=16 April 2021|website=The Age|language=en}} 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.{{Cite web |title=Platinum Asset Management |url=https://thehedgefundjournal.com/platinum-asset-management/ |access-date=2 July 2023 |website=thehedgefundjournal.com |language=en-GB}}
In 2007, Platinum Asset Management went public and was listed on the Australian Securities Exchange under the ticker: 'PTM'.
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.{{cite news|author=Evans, Michael|date=17 August 2012|title=Neilson axes bonus after hit at Platinum|work=The Sydney Morning Herald|url=http://www.smh.com.au/business/neilson-axes-bonus-after-hit-at-platinum-20120816-24bh8.html|access-date=1 September 2012}}
In 2018, Neilson stepped down as chief executive officer and was replaced by Andrew Clifford who was another co-founder of the company.{{Cite web|last=Stewart|first=Tim|date=22 February 2018|title=Platinum's Kerr Neilson steps down as CEO|url=https://www.investordaily.com.au/appointments/42620-platinum-s-kerr-neilson-steps-down-as-ceo|access-date=16 April 2021|website=www.investordaily.com.au|language=en-gb}} In November 2022, Neilson resigned from his position at the company's board of directors although he still remained the company's largest shareholder.{{Cite web |date=16 November 2022 |title=Sharemarket addict Kerr Neilson farewells Platinum |url=https://www.afr.com/markets/equity-markets/sharemarket-addict-kerr-neilson-farewells-platinum-20221116-p5byo3 |access-date=8 September 2023 |website=Australian Financial Review |language=en}}
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.{{Cite web |date=19 February 2023 |title=Kerr Neilson says Platinum CEO Clifford must go |url=https://www.afr.com/companies/financial-services/replace-platinum-chief-says-billionaire-co-founder-kerr-neilson-20230217-p5clg9 |access-date=8 September 2023 |website=Australian Financial Review |language=en}} 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.{{Cite web |date=27 August 2023 |title=Why Andrew Clifford and David George are the last rock star CIOs |url=https://www.afr.com/chanticleer/the-rockstar-cio-doesn-t-have-to-run-the-show-20230826-p5dzon |access-date=8 September 2023 |website=Australian Financial Review |language=en}}
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".{{Cite web |date=8 September 2023 |title=Platinum in 'severe organic decay' after $900m of outflows |url=https://www.afr.com/markets/equity-markets/platinum-in-severe-organic-decay-after-major-outflows-brokers-say-20230908-p5e31c |access-date=8 September 2023 |website=Australian Financial Review |language=en}}
See also
References
{{Reflist}}
External links
- {{official website|http://www.platinum.com.au}}
{{hedge funds}}
{{Authority control}}
Category:Australian companies established in 1994
Category:Investment companies of Australia
Category:Financial services companies based in Sydney
Category:Financial services companies established in 1994
Category:Companies listed on the Australian Securities Exchange