A bidding war may break out for Platinum Asset Management,with prominent investor Geoff Wilson said to be among the parties interested in the funds management group.
Phil King’s Regal Partners has pounced after patiently stalking Platinum Asset Management for two years.
The billionaire watched as the performance of the company he once ran,Platinum Asset Management,tanked alongside his fortune,spurring him into action.
The godfather of funds management,Kerr Neilson,wants to see changes at Platinum Asset Management. But without a board or executive position he has been relegated to firing potshots from the sidelines.
Investors were counting on a strong month for asset manager Platinum but ongoing under-performance has triggered a major sell-off.
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Listed fund manager Platinum Asset Management has reported a 17 per cent fall in annual profit following what it said was a disappointing investment performance.
Billionaires Kerr Neilson and Judith Neilson are selling about 10 per cent of the listed fund manager he co-founded 25 years ago,freeing up about $300 million for interests including arts and philanthropy and to diversify their personal investments.
Platinum Asset Management said its portfolio would post a paper loss in the December half as Trump's trade war unravelled big bets on Chinese and Asian growth.