Platinum chief steps down

Platinum Asset Management chief Andrew Clifford will vacate the top job but will remain co-chief investment officer.

The board confirmed it will shortly commence the hunt for Platinum's next chief executive and said Clifford will remain in the role on an interim basis until his successor is appointed.

Clifford, who co-founded the firm alongside Kerr Neilson in 1994, has served as its managing director and chief executive since 2018 when he took over from Neilson upon his retirement.

"I have made the decision to step aside from the role of managing director and chief executive, allowing me to fully concentrate on the positions of co-chief investment officer and co-portfolio manager of our global and Asia strategies," Clifford explained.

He said Platinum's business has developed substantially since its beginnings nearly 30 years ago, and as such, this now requires a greater focus on the strategic direction of the business.

"I very much look forward to continuing to provide strong absolute returns for our clients. I thank our shareholders for their support throughout my time as chief executive," he said.