Platinum Asset Management Limited (ASX: PTM) is the ultimate holding company of Platinum Investment Management Limited, trading as Platinum Asset Management (“Platinum”), a Sydney-based fund manager specialising in investing in global equities.
Platinum Asset Management Limited listed on the Australian Securities Exchange (ASX) in May 2007. Platinum staff currently have relevant interests in the majority of PTM’s issued shares.
13 050 064 287
23 May 2007
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The dividend information displayed herein is historical. No guarantee can be given about future dividends or the level of franking of such dividends (if any).
PTM has a Dividend Reinvestment Plan (DRP) in place. However, the DRP has not been activated and is not currently operational.
The Board of Directors do not currently have any plan to activate the DRP.
Michael Cole, FFin, BEcon, MEcon
Independent Non-Executive Director, Chair of Board of Directors, member of the Audit, Risk & Compliance Committee, and member of the Nomination & Remuneration Committee since 10 April 2007
Mr Cole has been an Independent Non-Executive Director and the Chairman of PTM since 2007. He has over 40 years of experience in the investment banking and the funds management industry and served as an Executive Director and Executive Vice President at Bankers Trust Australia Limited for over 10 years. Mr Cole is currently the Chairman of Ironbark Capital Limited and was formerly the Chairman of IMB Limited and Challenger Listed Investments Limited.
Stephen Menzies, BEcon, LLB, LLM
Independent Non-Executive Director, member of the Audit, Risk & Compliance Committee, and member of the Nomination & Remuneration Committee since 11 March 2015
Chair of the Nomination & Remuneration Committee since 19 June 2017
Mr Menzies joined PTM’s Board as an Independent Non-Executive Director in March 2015. He is also a Director of Century Australia Investments Limited and serves as a Member of the Advisory Committee for the Centre for Quantum Computation & Communication Technology. Mr Menzies retired as a partner from Ashurst law firm in 2014 and, until his retirement, had consistently been ranked as one of Australia's leading corporate lawyers. As the former Head of China Practice at Ashurst, he oversaw the Shanghai and Beijing offices of that firm. As a senior lawyer, he managed legal work of significant projects in capital markets and mergers and acquisitions, including some of the largest corporate transactions in Australia. Previously, Mr Menzies had also served as a National Director for Enforcement at the Australian Securities Commission (now ASIC) and has had a long history working in and with the funds management industry.
Anne Loveridge, FCA (Australia), FCA (England and Wales), GAICD, BA (Hons)
Independent Non-Executive Director, member of the Audit, Risk & Compliance Committee, and member of the Nomination & Remuneration Committee since 22 September 2016
Chair of the Audit, Risk & Compliance Committee since 24 February 2017
Ms Loveridge joined PTM’s Board as an Independent Non-Executive Director in September 2016. She is also a Non-Executive Director for the National Australia Bank (NAB) Group and NIB Holdings Limited. Anne has over 30 years of experience as a former partner in the Financial Services Assurance practice at PricewaterhouseCoopers (PwC), where she worked with a range of clients in banking, property, private equity and wealth management sectors, providing advice on financial and regulatory reporting, risk management, controls and compliance frameworks.
Brigitte Smith, BChem Eng (Hons), MBA (Hons), MALD
Independent Non-Executive Director, member of the Audit, Risk & Compliance Committee, and member of the Nomination & Remuneration Committee since 31 March 2018
Ms Smith has twenty years’ experience in venture capital, business strategy and start-up company operations. Ms Smith co-founded and is the Managing Director of GBS Venture Partners Ltd (GBS) and also sits on the boards of GBS’s portfolio companies, Elastagen Pty Ltd and Moximed Inc. Prior to founding GBS, Ms Smith worked in the US and Australia in operating roles with early stage technology based companies, and at Bain & Company as a strategic management consultant.
Ms Smith has a B. Chem Eng (Honours) from the University of Melbourne, and as a Fulbright Scholar completed a MBA (Honours) from the Harvard Business School and a MALD from the Fletcher School of Law and Diplomacy, both in Boston, USA.
Tim Trumper, MBA, UNE
Independent Non-Executive Director and member of the Audit, Risk & Compliance and Nomination & Remuneration Committees since 1 August 2018.
Tim is Chair of the NRMA, advisor and shareholder in Quantium, Australia’s leading data and analytics company, director of the Population Health Research Network (PHRN) and holds interests in several private high growth innovative companies. He is an authority on the utilisation of data to drive innovation, and corporate strategy.
Tim is an experienced non-executive director, former CEO, and advisor for high-performance global and Australian companies. His career has spanned diverse categories including artificial intelligence and machine learning, big data, digital transformation, mobility and transport, financial services and media.
Along with fellow directors and Chairman Hon. R J Hawke, Tim helped to establish The Bestest Foundation. This charity has raised over $4 million for disadvantaged Australian children.
Andrew Clifford, BCom (Hons)
Managing Director and Chief Executive Officer since 1 July 2018, Director and Chief Investment Officer since 8 May 2013
Mr Clifford co-founded Platinum in 1994 as the Deputy Chief Investment Officer, having previously been a Vice President at Bankers Trust Australia Limited covering Asian equities and managing the BT Select Market Trust – Pacific Basin Fund.
Since taking over the role of Chief Investment Officer in 2013, Mr Clifford has spent considerable time and effort on improving the organisational structure of the gradually-expanding investment team to make the execution of our investment process more seamless and efficient.
With full endorsement from the Board, Mr Clifford took over the role of Managing Director and Chief Executive Officer of the Platinum Group from Kerr Neilson on 1 July 2018 and will lead the firm to write its next chapter.
Mr Clifford handed over portfolio management responsibilities of the Platinum Asia Fund to Joseph Lai in late 2014, which he had managed since the fund’s inception in 2003. He took over the portfolios of Platinum Capital Limited (ASX code: PMC) and The Platinum Master Portfolio Ltd from Kerr Neilson on 1 July 2018, and co-manages with Clay Smolinski the flagship Platinum International Fund, the Platinum International Fund (Quoted Managed Hedge Fund), and the Platinum World Portfolios - International Fund.
Kerr Neilson, BCom
Director since 12 July 1993, Managing Director and Chief Executive Officer from 12 July 1993 to 30 June 2018
Mr Neilson was the founder of Platinum and was appointed as Managing Director upon incorporation of Platinum Investment Management Limited in 1993. Prior to founding Platinum, Mr Neilson was an Executive Vice President at Bankers Trust Australia Limited (BT) where he made important contributions to the development of BT’s retail funds management division. His career in the financial services industry spans over more than 45 years, including times he had spent working in the UK and South Africa before migrating to Australia.
Mr Neilson, with the help of Andrew Clifford, founded Platinum with a view to making money for investors. The emphasis was on continuing the successful investment approach he had employed previously. This entailed building portfolios of misunderstood companies that were experiencing change or mispricing due to transient factors or intuitive biases applied by market participants at large. By investing in companies around the world, unconstrained by index weighting or other pre-determined allocation parameters, Platinum owned genuinely differentiated portfolios and produced outstanding investment returns.
From day one Mr Neilson and the team eschewed the use of hard selling techniques, maintaining that if our performance can withstand the test of time, there should never be a need for such tactic; whereas, if Platinum fails to generate satisfactory returns for investors, then the firm should not continue. Prior success, notably, sidestepping the 1987 crash, ensured that from the outset there were willing investors prepared to give Platinum sufficient support to gradually build the business and, fortunately, the company’s performance over the years has proven the longevity of our approach.
As Platinum’s investment philosophy and process became systematically inculcated within the team, Mr Neilson stepped down as the Chief Investment Officer in 2013, and has over time handed over his various portfolio management responsibilities to other global portfolio managers in the team.
With the full endorsement of the Board, Mr Neilson handed over the role of Managing Director and Chief Executive Officer of the Platinum Group to Andrew Clifford on 1 July 2018. Continuing to serve as a full-time executive director of the Platinum Group and a member of Platinum's investment team, Mr Neilson remains fully engaged in the business and continues to work on the generation of investment ideas as well as provides additional support to the firm's client diversification initiatives in Europe and the US.
The benefits of Mr Neilson’s endeavours over the decades are also being felt beyond Platinum’s investors as the Neilson Foundation pursues its mission of social inclusion.
Elizabeth Norman, BA, GradDip FP
Director since 8 May 2013
Ms Norman has been an integral part of the investor services and communications team since Platinum’s founding. She began her career at Bankers Trust, working on new product development, and later joining the retail funds management team where she worked closely with Mr Neilson and Mr Clifford. Ms Norman joined Platinum in February 1994 as Investor Services and Communications Manager. Her appointment to the Board in 2013 as Director of Investor Services and Communications reflects the firm’s ever-greater focus on its widening client base and a strong commitment to supporting retail and institutional clients with dedicated investment specialists.
Andrew Stannard, CA, BMgt (Hons), GradDip AppFinInv
Director since 10 August 2015
Mr Stannard joined Platinum as Finance Director in August 2015. Prior to that, he held the position of Chief Financial Officer for the Asia-Pacific region at AllianceBernstein. Mr Stannard has more than 25 years of finance experience with expertise in audit, financial control, operations, funds management, financial services regulation and corporate governance. He is a chartered accountant.
Joanne Jefferies, BCom, LLB
Company Secretary since 17 October 2016
Ms Jefferies joined Platinum in October 2016 as General Counsel and Group Company Secretary, having spent the previous six years at BNP Paribas Securities Services as Head of Legal Asia Pacific, Company Secretary for all Australian subsidiaries and a member of the Asia Pacific Executive Committee. Ms Jefferies has previously held senior legal positions with Russell Investments, Morley Funds Management (Aviva Investors) and Lord Abbett, and served as the General Counsel for the UK’s funds management industry association, the Investment Association.
Corporate Governance Statement
Board of Directors' Charter
Audit, Risk & Compliance Committee Charter
Nomination & Remuneration Committee Charter
Due Diligence Committee Charter
Directors’ Code of Conduct
Director Independence Policy
Continuous Disclosure Policy
Shareholder Communications Policy
Risk Management Policy
Securities Trading Policy
PIML Business Rules of Conduct & Personal Investing Rules
Founded by a team of four investment professionals and a handful of support staff in 1994, Platinum has established itself as one of Australia’s most trusted asset managers and has built a strong reputation among direct investors and financial advisers. This reputation has been achieved by staying true to our central endeavour – delivering superior returns over the long-term and keeping clients abreast of our perspective and portfolio positioning.
Platinum’s business is managing clients’ money. It charges clients a fee for doing so, and these fees are Platinum’s chief source of revenue. We, at Platinum, have a simple core belief: if Platinum responsibly and successfully looks after investors’ money, its business should prosper. A failure to understand and commit to this priority will not result in an enduring wealth management business; marketing, commissions and other selling devices notwithstanding.
Platinum’s history has been punctuated with recurrent market challenges – the Asian monetary crisis of 1997-98, the tech bubble of 2000-01, and the more recent global financial crisis of 2008-09. In spite of these challenges, we have seized the many opportunities presented by the market, including those that emerged as a result these market crises, and have in many of our products outperformed the relevant benchmark MSCI index by a significant margin over the long-term, delivering strong absolute returns to our investors.
Find out more about the performance of Platinum’s products, and read about the investment philosophy and stock selection methodology that have made the strong performance possible.
Platinum is a fundamental equity investor and believes that private enterprise plays a central role in wealth creation and social advancement. It is also our belief that value creation for shareholders ought to be aligned with value creation for society at large. Platinum invests with a long-term outlook (typically five years or more) and, as part-owners of the enterprises in which we invest, it is paramount to us that they maintain their social licence to operate. As such, we view social and environmental sustainability as well as sound corporate governance as being vital to a company’s long-term viability, growth and profitability.
Platinum’s approach is focused on identifying companies whose intrinsic value is under-appreciated by the market due to temporary drawbacks or irrational market sentiments. Material ESG trends and factors can directly and indirectly impact on a company’s financial performance and prospects, and when such externalities are not fully reflected in the company’s share price, it may create opportunities for the discerning, but may also pose investment risks for the unwary.
To assess a company’s true worth – the core of our mission, a nuanced consideration of the company’s operations and operating environment is essential, and the evaluation of material ESG issues and risks, like traditional financial and operational factors, is an integral part of this exercise. We believe, based on both Platinum’s own experience and studies by third party researchers, that incorporating ESG considerations into the investment process by employing a robust framework can lead to more informed and holistic investment decision-making and, ultimately, better investment outcomes for our investors.
To this end, Platinum has adopted a Responsible Investment Policy which affirms our commitment to responsible investing by outlining our approach to:
The ESG factors that we may examine in our integrated analysis are wide-ranging and would depend on the industry concerned as well as the geographic location of the business. Some examples include, but are by no means limited to:
These issues can have an impact on the environment and/or communities (including employees and consumers), but they also present regulatory, operational and economic risks to the company which may potentially have a material impact on its financial performance and hence investor returns.
For a more detailed description of our approach to integrate ESG considerations into Platinum’s system, please refer to the Responsible Investment Policy.
Platinum’s business is centred on providing dependable service to our clients, not the pursuit of sales targets or the indiscriminate accumulation of funds under management. That ethos has underpinned our approach to investing, product distribution, investor communications and every other aspect of our operations since the beginning. This is reflected throughout our policies and business practices, including:
The ethical standards of the financial services industry have been facing increasing scrutiny worldwide since the 2008 global financial crisis. Platinum has always held the highest standards of integrity in all aspects of its operations and has in place robust policies aiming to prevent illegal, unethical or improper conduct such as fraud, bribery and insider trading. Given the nature of Platinum’s business, we are particularly mindful of the risks of insider trading and personal dealing. Platinum has therefore implemented appropriate systems of ongoing monitoring and provides regular staff training to ensure compliance by all staff members with our Business Rules of Conduct & Personal Investing Rules and Securities Trading Policy.
Platinum is a service-oriented business, and our people are our most important asset. That is why we focus equally on attracting the best talent and providing an inclusive and supportive work environment to help our staff develop their careers.
Platinum actively promotes a culture of equal opportunity and adheres to the principles of meritocracy (based on contribution to the firm’s overall success), fairness and equality at all levels within the company. We value the blend of skills, perspectives, and personal characteristics that comes with a diverse workforce and recognise that such diversity has contributed to our business success. For example, our investment team includes not only economists and finance experts, but also former scientists and engineers. Read more about our investment team here.
In this context, workplace diversity includes gender, age, ethnicity, cultural background and more. To promote workplace diversity, our Board has adopted a Diversity Policy in addition to a Workplace Anti-Discrimination & Anti-Harassment Policy and a policy on Flexible Working Arrangements. The Diversity Policy includes a set of clear objectives as part of our corporate governance practice. These include:
The following statistics (current as of 13 August 2018) demonstrate Platinum’s ongoing endeavours to promote diversity and inclusion within the workplace.
Platinum has exceeded the nation’s average in the categories of women on the board and women in senior executive positions. Platinum also exceeds the nation’s average in the categories of women working part time, workforce made of employees born outside of Australia and employees with tertiary education.
Platinum’s efforts to create an inclusive work culture have resulted in excellent retention rates. For example, the average investment management industry experience of our fund managers was 16 years (as at 1 November 2018), with an average of 14 years at Platinum. The average number of years with Platinum for the remainder of the investment team was 5.48 years. The average number of years at Platinum for non-investment team employees is 6.33 years.
At Platinum, we believe that being a member of the financial services industry entails a duty to help improve the industry.
Financial advisers and planners play an important role in helping Australians to achieve financial security. To play a small part in raising the professionalism in the financial advisory industry, each year Platinum and The Neilson Foundation jointly fund 24 scholarships awarded to students majoring in Financial Planning across three Australian universities, each to the value of $12,500 per year. The participating universities are Griffith University, LaTrobe University and Deakin University. 40% of the scholarships awarded since the program began in 2014 were received by female students. In addition, Platinum also offers a four-week work experience program to two of each year’s scholarship recipients.
We are committed to operating our business in an environmentally responsible and sustainable manner.
Carbon emissions from Platinum’s operations are primarily from electricity usage and business travels undertaken by our staff for the purposes of investment research, engagement with portfolio companies, and meetings with clients and prospective clients. We measure and monitor our carbon footprint on an ongoing basis and have programs in place to purchase carbon credits to offset our emissions.
1. This data is current as at 13 August 2018.
2. Australian Institute of Company Directors, Board Diversity Statistics, 31 July 2018
3. Workplace Gender Equality Agency (WGEA), Gender workplace statistics at a glance, February 2018.
4. WGEA, Gender workplace statistics at a glance, February 2018.
5. WGEA, Gender workplace statistics at a glance, February 2018.
6. WGEA, Gender workplace statistics at a glance, February 2018.
7. Australian Bureau of Statistics (ABS), Cat. 6291.0.55.001, Labour Force, Australia, Detailed, June 2018.
8. ABS, Cat. 2071.0, Census of Population and Housing: Reflecting Australia - Stories from the Census, 2016.
9. ABS, Cat. 6227.0, Education and Work, Australia, May 2017.
10. ABS, Cat. 2076.0, Census of Population and Housing: Characteristics of Aboriginal and Torres Strait Islander Australians, 2016.