Kerr Neilson, the billionaire co-founder of Platinum Asset Management, is pushing for Andrew Clifford to step down as the fund manager’s chief executive, and says he could be open to takeover offers as the company battles lacklustre investment returns and a slump in its share price.

Mr Neilson, who left the Platinum board in November, said he had been privately campaigning to split the chief executive and chief investment officer roles for years, despite being “embarrassed” to suggest the change given he also held both positions concurrently.