Platinum AUM inches to $11bn

Platinum Asset Management grew its assets under management (AUM) in the last month of 2024 to end up with $11.1 billion.

The fund manager made a net gain of $93 million during the month of December despite experiencing outflows of $289 million. Some $247 million of these outflows left the Platinum Trust Funds.

Total AUM, however, is 40% lower compared to the end of 2023, which was $15.4 billion.

Platinum lost a mandate with Perpetual's Super Plan on December 16, when the Platinum International Investment option was closed to new members. The option will terminate on or around 18 February 2025.

Platinum did not report on any performance fees earned during the last six months of 2024, other than saying they were "insignificant".

Meanwhile, its peers Regal Partners and Magellan Financial Group booked $25 million and $6 million in performance fees respectively.

Platinum's International Fund, which has $4.7 billion in AUM, delivered about 8% in the year to December, trailing its benchmark's 29.5%.

The Platinum Asia Fund and Platinum International Technology Fund are some of its top performers for the year, delivering about 20% and 30% respectively.

Platinum's board rejected Regal's takeover bid in late September. Last month, the two parties confirmed they have walked away from any potential deal.

"Regal's growth-focused strategy remains unchanged. Regal will continue to assess organic and inorganic opportunities prudently as and when they arise to further execute on its ambition to be a leading provider of alternative investment strategies in Australia and Asia," Regal said.

Meanwhile, Platinum said it "remains fully focused on executing its restructure and turnaround strategy and has so far illustrated momentum in the areas of cost control, remuneration redesign, product rationalisation and a review of the investment process, all initiatives designed to stabilise and reset the business in order to return to a growth footing."