How did it all go so terribly wrong at Kerr Neilson’s Platinum?
It was once the superstar of the funds management industry, making canny stock picks and bold bets, then came a long decline. Can it ever find its way again?
Nothing fails like success. That was a favourite slogan at Platinum Asset Management, capturing the fabled fund manager’s contrarian ethos, avoidance of hubris, and its hunt for overlooked value.
Sadly, it’s perfectly apt description of the current status of a once great investment firm. On Friday, Platinum’s shares changed hands below 60¢, valuing the asset manager at $350 million – of which $145 million is accounted for in cash and seed investments.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
