Platinum Asset Management faces $580m redemption

The news: Platinum Asset Management has announced that a “large client” will redeem more than half a billion dollars from some of its Platinum Trust funds and its mandate, following a manager review.

The numbers: The client plans to redeem approximately $580 million which will affect Platinum’s funds under management in October and November.

Net outflows in July came in at $264 million and in May, the fund manager received a notice of termination of a large institutional mandate of about $958 million. In FY25, Platinum faced a 86.1% year-on-year decline in net profit.

The context: Platinum Asset Management agreed to binding merger terms with rival fund manager L1 Capital in July.