Clifford steps aside as Platinum CEO
Platinum Asset Management has announced it will be starting a search process for a new chief executive, following the decision by Andrew Clifford to step aside while remaining as co-Chief Investment Officer.
The company announced to the Australian Securities Exchange (ASX) today that Clifford had decided to step aside to focus on his role as co-CIO and co-portfolio manager of the Global and Asia strategies.
The announcement came as the company announced a $29.9 million decrease in group profit before tax to $116.8 million.
It said the main cause of the decrease in profit was a $44.6 million decrease in management fees due primarily to the decrease in average Funds under Management.
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