Platinum Asset Management boss Andrew Clifford has defended his dual roles as chief executive and chief investment officer of the troubled fund manager against criticism of its structure and management by its largest shareholder, Kerr Neilson.

Mr Clifford said Platinum’s board had not received a takeover approach – something Mr Neilson said he could be open to, in an interview with The Australian Financial Review published on Monday – as the fund manager battles a 77 per cent plunge in its share price since listing.