In a monthly update, the asset manager said FUM increased from $12.46 billion to $12.17 billion in October.
The company said it recorded net outflows of $416 million, which includes net outflows from its Platinum Trust funds of $343 million.
Over the previous month, FUM increased from $12.22 billion to $12.46 billion, marking the first increase in FUM since February 2024. However, in October, FUM returned to a decline.
This is the largest net outflow since April, when the company recorded large buybacks of $1.6 billion following the withdrawal of a large institutional mandate and product streamlining initiatives.
Since the start of the 2024-2025 fiscal year, the FUM has increased from $13 billion to $12.1 billion.
The asset manager is currently in discussions with Regal Partners regarding a possible acquisition. Platinum initially unanimously rejected Regal’s first offer, but later announced that it would grant Regal an initial due diligence period during which it could potentially make a revised offer.
This delay will allow Regal to improve the value and terms of its proposal, which was recognized by Regal as the basis of the initial commitment, and for Platinum to evaluate the absolute and relative value of Regal’s equity consideration. as well as the costs and benefits of any combination.
He noted that there is no guarantee that discussions with Regal will progress or that it will submit a revised proposal.
Platinum’s board of directors said it remains open to other proposals from Regal or other third parties if they are offered on terms that provide appropriate value to Platinum shareholders.
October was a slow month for fund managers in terms of flows, with GQG Partners also reporting its first FUM decline in 12 months and Magellan Financial Group seeing its FUM unchanged.
GQG Partners confirmed in an ASX update that its FUM increased from US$161.6 billion ($245 billion) at the end of September to US$159.4 billion as of October 31, 2024. It experienced consecutive growth in FUM over the past year, meaning this is its first decline since October 2023.
Meanwhile, Magelladidn’t see its FUM unchanged at $38 billion by launching two new funds with Vinva Investment Management.
