Kerr Nielsen is to step down from his role as Chief Executive Officer (CEO) of Platinum Asset Management Limited effective 1 July 2018, and will be replaced by Andrew Clifford.
Nielsen (pictured), will continue as a full time executive director of the Platinum Group and member of the company’s investment team, continuing to work on the generation of investment ideas and company research. He will also provide additional support to Platinum’s client diversification initiatives in Europe and the US.
Clifford co-founded the company in 1994 and has over 30 years’ investment experience. He took over the role of Chief Investment Officer (CIO) in 2013 and led the implementation of the sector-based investment team structure. He will continue to lead the investment team as CIO.
Nielsen says: “I formerly held the positions of CIO and CEO concurrently and found that with the strong support of the other executive directors my time was essentially focused on investing. More important still is that in an investment performance-driven organisation like Platinum, it is essential that the direction of the firm is controlled from the perspective of investing rather than from that of money gathering.”
Clifford, along with Clay Smolinski, will take full portfolio management responsibility for the flagship fund, the Platinum International Fund and Nielsen’s portfolio management responsibilities for Platinum’s other global equity funds and mandates.
Platinum’s investment team has grown significantly over the years and now comprises 31 individuals including nine portfolio managers who have an average tenure at the firm of 13 years.
“It is with delight that the years of training and gradual elevation in responsibility has allowed our flat organisational structure to bring through and reward a growing number of the team to enjoy the recognition they have earned,” says Nielsen. “I look forward to continuing to tussle around with investment ideas and to spread more broadly the word about our global investment capability.”
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