Platinum Asset Management earned performance fees of just $1 million for the last financial year.
Platinum suffered net outflows of $232 million last month and says it earned just $1 million in performance fees over the 2023 financial year.reported $17.3 billion in funds under management for the end of June, down from the $18 billion recorded in May. This included approximately $162 million in net outflows from its Platinum Trusts Funds.
The global equities house said it was expecting profit to in the range of $77 million to $82 million, “broadly” matched with consensus estimates, but added that returns from seed investments had offset the higher expenses related to paying its fund managers and analysts for a “strong” investment performance for the year to March 31, 2023.
“There is currently huge crowding in US stocks,” the fund manager warned in its last update, “particularly in mega-cap technology stocks. We would again caution that this could simply be the echoes of one of the great bubbles in market history amid narrow market breadth and the likelihood of an oncoming recession.”
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