Platinum Asset Management’s CEO hands over reign, sees 7% lift in profit

Company News

by Jessica Amir

Platinum Asset Management (ASX:PTM) announced CEO Kerr Nelson, will hand over the reign to co-founder of the Platinum Group, Andrew Clifford from 1 July 2018.

The investing legend, Kerr, will stay on as full time executive director and as a member of the Platinum investment team continuing to generate investment ideas and company research.

At the same time, the funds management company reports its net profit attributable to members rose about 7.1 per cent to $102 million in the first six months of this finanical year, compared to the same time last year.

Weighing on its growth in the half year was the payment of $14.3 million in employee non-cash provisions, as well as in increase in costs for new products.

Meantime, its revenue rose 15 per cent to $186 million in six months, on the back of investment returns, client inflows and performance fees earned in the period.

It declared an dividend of 16 cents per share fully franked, payable on 19 March 2018.

Shares in Platinum Asset Management (ASX:PTM) closed about 0.90 per cent higher yesterday at $7.82.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.