PTM -21.07%: more pain is being felt at the fund manager, Platinum today announcing a significant mandate loss to come through in March in a release to the market that landed at 6.14 pm last night… A $1.4b redemption has been requested, worth ~9% of FUM held by the company with a client moving away from benchmark agnostic investments. There remains a risk of further outflows with the client not fully closing their position with the company. To try and offset some of the loss, Platinum is looking to take a knife to costs and streamline the business. They provided further detail into their restructuring plans that were released with the result in Feb, looking to cut ~25% of the cost base using the 1H as the marker, with the bulk of savings to be seen in FY25.
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