Platinum Asset Management (PTM) shares tumble on outflows, performance
PTM -15.02%: the fund manager struggled today after trying to sneak through a disappointing FUM update after market yesterday. They saw $222m in net outflows, but FUM fell a total of $1,676m to $19.4b, down 8.6% in March as performance weighed. Having a look at the funds, their largest, the Platinum International Fund which has over $7b under management, saw -6.6% returns in March alone. In fact across the suite of their funds there was only one that had positive performance in the month which houses less than 0.2% of the managers total. A very poor start to the year for Platinum, perhaps consolidation in the space will help turn it around.
