PTM -8.26%: The asset manager was hit hard today after reporting net outflows of $167m for June. Total funds under management sits at $23.5b which was short of expectations. PTM along with other active managers are seeing money lost to passive strategies however PTM is also grappling with the departure from day to day operations from Kerr Neilson – co founder who still owns 126m shares. To be precise, Kerr owns 126,037,420 shares while his ex-wife Judith holds 1 more share at 126,037,421. About 10 years ago I had a conversation with a client who had recently split. I still manage both his & her portfolios today however the gent said to me – and it’s always stuck. James, look at Sonya’s* portfolio *(not real name), now look at mine, right there is the reason you should never get divorced!
Ultimately in the case of PTM, both parties are likely sellers at some point which provides a large overhang on the stock.
MM has no interest in PTM
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