Platinum product rationalisation nears completion

Fresh from having allowed Regal Partners due diligence access, Platinum Asset Management has reported positive performance across its funds in September plus the near completion of its product rationalisation strategy.

The company announced to the Australian Securities Exchange that its product rationalisation is now largely complete with the Boards of Platinum Capital Limited and Platinum Asia Investments Limited each entering into a scheme implement deed to undertake a merger of their open-ended active ETFs subject to shareholder and court approvals.

It said this action would permanently resolve the share price discounts that had been associated with their closed-ended listed investment company structure, whilst maintaining exposure to the same underlying investment team and process.

The ASX announcement said the company was progressing its efforts to add new products to better serve investors and is well-placed to launch its first ‘Platinum Partner Series’ managed fund product early next year.

It said run rate adjusted expense savings continue to track slightly better than planned and that its balance sheet remains strong with $256 million in cash and deposits and $64 million in seed investments as at 30 September.

The company said the Platinum International Fund and the Platinum Asia Fund were up 3.3% and 12.5% respectively over the previous month with the positive investment performance driving funds under management to $12.5 billion.