Everything Goes Wrong for Billionaire's Successor at Fund
- Platinum CEO Andrew Clifford keeps faith with his approach
- Shares tumble, funds yanked as Clifford tries to steady ship
This article is for subscribers only.
Andrew Clifford took on the top job at Platinum Asset Management Ltd. after 30 years working alongside his former boss Kerr Neilson, who became a billionaire and one of Australia’s most famous fund managers. It’s proving to be a tough act to follow.
Since Clifford was anointed the new chief executive offer in February last year, the firm’s stock price tumbled 36 percent, assets under management shrank about A$3 billion ($2.1 billion) and analysts became more bearish about the company than any other listed money manager in the world.