Platinum Asset Management experiences net outflows and provides market update

Platinum Asset Management Limited (ASX: $PTM) reported net outflows of approximately $234 million in June 2024, including net outflows from the Platinum Trust Funds of about $195 million. The company also announced the expected reduction in expenses for the 2024 financial year to be broadly in line with the previously estimated $21 million, along with anticipated investment gains and other income items ranging between $9 million and $11 million. The company did not earn any performance fees in the second half of FY24.

Executive Commentary on Market Update

Platinum Asset Management has been focused on managing its expenses and is pleased with the progress made in reducing costs. The company remains committed to delivering value to its investors and is optimistic about the expected investment gains and other income items for FY24. While the net outflows in June 2024 are noted, the company continues to work towards enhancing its performance and addressing the challenges in the market.

Summary of Platinum Asset Management's Market Update

Platinum Asset Management (ASX: $PTM) reported net outflows of approximately $234 million in June 2024, primarily driven by net outflows from the Platinum Trust Funds. The company is on track to reduce expenses in FY24 in line with the previously estimated amount of $21 million and anticipates investment gains and other income items ranging between $9 million and $11 million. Despite the absence of performance fees in the second half of FY24, Platinum Asset Management remains focused on delivering value to its investors and addressing market challenges. The company's commitment to managing costs and optimizing performance reflects its dedication to long-term sustainability and growth.