Platinum shares slump as July net outflows hit $264m

The news: Shares in Platinum Asset Management tumbled today after the investment manager reported net outflows of $264 million in July.

The numbers: Platinum shares were down 4.6% to 72.5 cents at 2pm AEST. The stock has rallied 39% since binding merger terms were agreed with rival fund manager L1 Capital a month ago.

The context: The company said its total monthly net outflows included around $253 million in net outflows from Platinum Trust Funds.

Platinum recorded funds under management (FUM) of $8 billion at 31 July. That is down 0.7% from $8.1 billion a month earlier, excluding the company's annual distribution payment of $151 million in June. Including the distribution amount, FUM was up 1.2% from $7.9 billion.