In a monthly update, the asset manager said FUM fell from $12.46 billion to $12.17 billion in October.

The firm said it had net outflows of $416 million, which included net outflows from its Platinum Trust Funds of $343 million.

In the previous month, FUM increased from $12.22 billion to $12.46 billion, which was the first increase in FUM since February 2024. However, in October it returned to reducing FUM.

It was the biggest net outflow since April, when the firm saw heavy redemptions of $1.6 billion as a result of exiting a large institutional mandate and product streamlining initiatives.

From the start of the 2024-2025 financial year. FUM fell from $13 billion to $12.1 billion.

The asset manager is currently in discussions with Regal Partners regarding a possible acquisition. Platinum initially unanimously rejected Regal’s first offer, but later announced that it would allow Regal an initial due diligence period in which to possibly make a revised offer.

This time will allow Regal to refine the value and terms of its proposal, which is recognized by Regal as the basis for the initial commitment, and for Platinum to assess the absolute and relative value of the consideration for Regal’s shares and the costs and benefits of any combination.

He noted that there is no guarantee that discussions with Regal will progress or that he will present a revised proposal.

Platinum’s board said it remains open to other offers from Regal or other third parties if they are on terms that provide appropriate value for Platinum shareholders.

October was a slow month for fund managers in terms of flows, with GQG Partners also reporting its first FUM decline in 12 months and Magellan Financial Group seeing its FUM unchanged.

GQG Partners confirmed in an ASX update that its FUM had fallen from US$161.6 billion ($245 billion) at the end of September to US$159.4 billion as of October 31, 2024. It has enjoyed consistent FUM growth over the past year, meaning this represents its first decline since October 2023.

Meanwhile, MagellaI saw its FUM remained unchanged at $38 billion as it launched two new funds with Vinva Investment Management.