Platinum Asset Management

Platinum Asset Management Limited is an asset management company that has been publicly traded on the Australian Securities Exchange (ASX) since 2007[4] and is a constituent member of the S&P/ASX 300 index.

It has two ASX-listed investment companies, Platinum Capital Limited (asx: PMC) and Platinum Asia Investments Limited (asx: PAI). In addition, it has three listed funds, Platinum International Fund (asx: PIXX), Platinum Asia Fund (asx: PAXX) and Platinum Global Transition Fund (ASX: PGTX).[5]

In 2015, the firm was ranked as the largest hedge fund group in Australia as well as the second largest in Asia-Pacific.[6]

History

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 firm 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 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]

On October 1, 2025, it was announced that First Maven Pty Ltd. had acquired the company through a reverse merger transaction.[15]

See also

• Navigator Global Investments

External links