Platinum Asset Management shares tumbles as client pulls $580m
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The news: Platinum Asset Management has seen its shares tumble after the global equities fund manager told the exchange on Monday evening that a “large client” will redeem more than half a billion dollars from some of its Platinum Trust funds and its mandate.
The numbers: Approximately $580 million will be redeemed, and will affect Platinum's funds under management in October and November.
At 11:22am AEST, shares in Platinum slipped 5.8% to 74 cents per share.
The context: The fund manager also received a termination notice for a large institutional mandate worth about $958 million in May. In FY25, Platinum faced a 86.1% year-on-year decline in net profit.
Platinum agreed to binding merger terms with rival fund manager L1 Capital in July.
The source: ASX
