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 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.