In February 2024 the firm announced a two-part turnaround strategy focused on “reboot and growth” that it hopes will address net outflows and declining revenue.

In a speech at the firm’s annual general meeting on Nov. 12, Peters acknowledged that the firm had begun 2024. with “major challenges” of struggling investment performance, outflows, industry pressure from liabilities and pressure on earnings.

The first part of the turnaround consisted of reorganizing the investment platform away from the same people doing research and portfolio management. This included separating research and portfolio management roles, increasing research resources for its flagship international fund and lead portfolio managers appointed to each fund.

This has the benefit of less complexity, more concentrated portfolios and more streamlined research efforts, he said.

A product line review followed with several closed-end vehicles to remove complexity and costs, and two listed investment companies merged with active exchange-traded funds. Third was better communication with clients and advisors to understand their needs.

"We continue to engage with our customers and move into a second round of engagement focusing on what we are doing to improve and we are starting to see the first beginnings of a slowdown in outflows at a current rate of daily net outflows, down 13 per cent since the reversal began in February,” Peters said.

Other early successes include reducing costs, improving investment efficiency, slowing outflows and a targeted operating model that is progressing on schedule.

Chairman Guy Strap added: “Successful change does not happen overnight and while we are starting to see green shoots, we are only nine months into what is essentially a three-year plan. So far, Jeff is doing extremely well in the initial phases of the turnaround and I am confident that he will continue to execute the next phases of the plan.”

Platinum has now moved into the "growth" phase of the transition, where it will add new products and distribute new products from outside vendors.

“We have also looked at diversifying our product line into asset classes in which we are not active but which could be of interest to our clients. In general, new asset classes may be built, purchased or accessed by third parties.

“Building beyond global equities is difficult because of our specific focus. Buying is done through the inorganic strategy that is being talked about. And while third-party access sacrifices some profit, it has the advantages of being quick to market, as well as having lower fixed costs and lower capital requirements because partners can contribute upfront.”

This is known as the Platinum Partner Series where it will offer exclusive access to top performing global institutional managers who do not have a significant wholesale/retail presence in Australia. The aim of these new relationships is to build a portfolio of sub-consulting opportunities over the next three years to expand our reach and grow the business.

"We are in discussions with several such firms and will update the market when we are more advanced in finalizing our partnerships." This will be an additional source of new revenue over time, allowing us to expand our ability to better serve the needs of investors.”

Meanwhile, Strapp discussed the potential takeover of the firm by Regal Partners, which was announced in September. The first offer from Regal was rejected, but a due diligence period has since been announced for Regal to potentially make a revised offer.

He said: “This initial period of mutual due diligence [with Regal] is still ongoing and the board will continue to update the market in line with ongoing disclosure obligations.

"We are also engaged with certain parties who have approached Platinum to explore various forms of transactions that we will evaluate as they relate to both commercial logic and value enhancement for our shareholders - both in terms of both on their individual merits and in relation to our ongoing stand-alone restructuring and turnaround strategy.”