Platinum shutters London operations, UCITS funds

Platinum Asset Management has shuttered its London office following the closure of its Platinum World Portfolios.

Platinum World Portfolios (PWP), which comprised Platinum's International, Asia ex Japan, Japan and Health Sciences strategies, were UCITS funds.

"Upon the recommendation of Platinum as the fund promoter, the board of PWP plc has decided to close the funds and wind up the company," Platinum told investors.

Platinum had three dedicated staff members who looked after the distribution and client service of European clients invested in the UCITS.

Timothy Maher was hired as managing director in November 2018.

He was joined by Jonathan Ross-Russell, investor relations manager, and Lauren Wright, office and compliance manager.

"We would like to thank clients, new and old (some since 1994), for their support as well as those who have listened to our story along the way. We are grateful to our many Sydney based colleagues who welcomed us to the firm and wish all well under the firm's new leadership. We will miss the camaraderie, and may even miss the late night/early morning phone calls!" Maher wrote on LinkedIn.

The move is amid Platinum deploying its turnaround around strategy that involves cutting costs and reviewing its product lines and distribution channels.

The Platinum Capital (PMC) and Platinum Asia Investments (PAI) strategies could be on the chopping block as the fund manager targets those that "lack sufficient scale to generate the liquidity required to maintain share prices close to the underlying net tangible assets (NTA)".

Platinum ended May with $13.6 billion in assets under management, driven by net outflows of about $295 million that includes some $246 million leaving the Platinum Trust Funds.