Kerr Neilson still owns 21.5 per cent of the asset manager and said he has no plans to sell, while Morningstar warned of more fee pressure on the group.
Billionaire Kerr Neilson is set to formally bow out of the business he co-founded with Andrew Clifford 28 years ago after launching one of Australia’s best known money managers, Platinum Asset Management.
Kerr Neilson is set to leave his director role at Platinum in November. The co-founder retains a 21.5pc equity stake.The 72-year-old Sydney-based investor rode the tailwinds of Australia’s compulsory superannuation system to build Platinum into one of Australia’s most successful fund managers, before a long period of investment underperformance dragged funds under management and the share price lower.
Financial 2022 operating expenses decreased to $69.4 million, versus $71.6 million in the prior year. The total payout is down 29.2 per cent from the 24¢ per share paid in the prior year, with earnings per share falling 37.7 per cent from 28.17¢ per share in the prior year.
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