Platinum Asset Management dips most in 11 years on potential client outflow

L1

27/03/2024 03:00

** Shares of Australia's Platinum Asset Management  PTM.AX 
plunged as much as 22.4% to A$1.013, posting their biggest
intraday pct fall since March 14, 2003 
    ** Co expects to receive partial redemptions of at least
A$1.4 bln ($912.4 mln) from its institutional and wholesale
business over coming month 
    ** Says one large client is indicating it intends to
rebalance exposure; account expected to remain but reduce in
mandate size
    ** Sees annualised fee revenue falling about A$18 mln as a
result of these events together and some other institutional
account changes seen over coming months
    ** Shares hit their lowest level since Feb 29 
    ** About 10 mln shares exchange hands vs the 30-day average
of 2.9 mln shares 
    ** Stock down ~2% YTD, as of last close 

($1 = 1.5344 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))