Platinum Asset Management (PTM) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and confirmation of quorum.

• Notice of meeting was taken as read, and the hybrid format aimed to encourage broader shareholder participation.

• Board members, new CEO Jeff Peters, and auditor were introduced, with the meeting structure outlined.

Financial performance review

• Funds under management at 30 June 2024 stood at AUD 13 billion, with net outflows of AUD 4.9 billion, including a AUD 1.2 billion outflow from one institutional client.

• Total fee revenue decreased 14% to AUD 174 million; no performance fees were earned.

• Adjusted EBIT dropped 19% to AUD 82.9 million, reflecting lower revenues and ongoing cost reductions.

• Most funds lagged the broader market due to index composition and weak Chinese markets, but the Technology Fund returned 26% for the year.

• Cost reduction initiatives led to a decrease in adjusted expenses, with a target of AUD 25 million in annualized savings and further savings planned.

Board and executive committee updates

• Jeff Peters appointed CEO and Managing Director in January 2024, following a global search and separation of CEO and CIO roles.

• Board renewal included the resignation of three executive directors and the appointment of Rachel Grimes AM; Brigitte Smith to retire post-AGM.

• James Simpson stood for election as a new Board member, both he and Rachel Grimes were endorsed by the board.