Platinum status
The future of fund manager Platinum is the most talked about situation on the ASX right now, involving some of its biggest personalities. But if they want the prize, they'd better act soon.
Is anyone else seeing what Geoff Wilson is seeing?
That’s the key question to ask following Platinum Asset Management’s formal rejection of Regal Partners’ $600 million-ish bid for the struggling fund manager on Thursday.
If the answer to that opening question is yes, we could see an auction for Platinum — the global equities pioneer founded by billionaire Kerr Neilson, who remains its largest shareholder. If not, Regal, the feared Sydney hedge fund led by Phil King, might still walk away with a steal.
The future of Platinum has become one of the most talked-about situations on the ASX, drawing together some of the market’s biggest personalities: King, Neilson and Wilson — the latter known to many outside finance for his forays into federal politics.
Capital Brief’s Jack Derwin broke the news last week that Wilson wasn’t just monitoring the Regal-Platinum deal but actively figuring out a way into it. “It’s an interesting play and we’re assessing it,” Wilson told Jack. Whether Wilson can find an angle remains to be seen, but the potential for others to emerge is just as intriguing.
