In an ASX listing on Monday, the firm said it had net outflows of $331 million during the month, with the majority of outflows – about $288 million – arising from Platinum Trust Funds.

The firm saw a steady decline in monthly outflows after $1.65 billion exited the business in March and April amid institutional mandates and product streamlining initiatives.

Last month, Platinum said its “contrarian” investment approach faced a difficult environment in the 2023-24 financial year.

Platinum Asset Management recorded statutory net profit after tax (NPAT) of $45.1 million for the year ending June 30, 2024, down 44.2 percent from the prior corresponding period, while its FUM fell 25, 2 percent to $13 billion in the fiscal year.

"We recognize that this has been a challenging year for the company and therefore for our shareholders," Guy Strap, Platinum's chairman, said at the time.

"Recognizing the need for change, in August 2023 we announced that Andrew Clifford will step down as Managing Director and Chief Executive Officer while the Board of Directors embarks on a search for Andrew's replacement.

"Following an extensive international search, we were pleased to welcome Jeff Peters to the role of CEO in January 2024, bringing with him deep asset management and turnaround experience," Strap said.

Shortly after Peters' appointment, Platinum announced its "turnaround program," which included cost-cutting measures and "right-sizing" the business.

In a letter to shareholders last month, Peters said it was a difficult environment for Platinum's "contrarian approach to investing."

"The 12-year bull market has generated strong client interest in passive investment products over actively managed investments, and flows favor growth-style funds that tend to generate strong relative performance in these bull markets," Peters said.

"We believe this style of growth investing can be challenged in the near term, as recent market corrections have shown, and for that reason we believe our investment approach will be rewarded over the course of the cycle."