Platinum Asset Management's AGM insights

Platinum Asset Management (ASX:PTM) held its 2024 Annual General Meeting on November 12, 2024, focusing on a comprehensive turnaround strategy. The meeting introduced Jeff Peters as the new CEO. The company aims to stabilize, reset, and grow amidst challenges such as a decline in funds under management and investment performance issues.

Key takeaways from Platinum's AGM

Platinum Asset Management (ASX:PTM) held its 2024 AGM, emphasizing a comprehensive turnaround strategy led by new CEO Jeff Peters. The company faces challenges including decreased funds under management and lagging investment performance. Their strategy involves stabilizing, resetting, and growing, with a focus on cost control, client retention, and remuneration adjustments. Platinum is also exploring inorganic opportunities and capital management initiatives to enhance shareholder value. The Board is considering a special dividend and engaging in mutual due diligence with Regal Partners. The company aims to improve investment performance, diversify product offerings, and strengthen client engagement, while operational enhancements include simplifying processes and reviewing product lines. Despite challenges, Platinum sees positive signs with reduced expenses and slowing outflows, aiming for sustainable growth and improved shareholder value.

Executive insights on turnaround strategy

Our business is at an important crossroads, and we believe the strategy we have in place will guide us through the current challenges and set us on a path for future growth. We are focused on cost control, client retention, and resetting remuneration as part of our turnaround strategy. The 'stabilize' and 'reset' phases are largely complete, and we are now transitioning to the 'growth' phase.