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Platinum names new chief executive

By Jessica Penny
3 minute read

The fund manager has welcomed a new chief executive in a strategic shift away from the dual CEO and CIO model.

Platinum Asset Management has announced the appointment of Jeff Peters as chief executive officer and managing director.

In an ASX announcement on Monday, Platinum said that Mr Peters will succeed co-founder Andrew Clifford who, in August, announced his intention to step down as CEO but to continue in his capacity as co-chief investment officer (CIO).

According to the fund manager, Mr Peters will take up the role with effect from the date that his working visa is granted, with this date to be communicated to the market at that time.

Mr Peters joins Platinum with over three decades of industry experience, having previously led the institutional and international businesses of two large global asset management firms, Columbia Threadneedle Investments and Putnam Investments.

Before this, he was at the helm of McKinsey’s asset management practice.

Moreover, he holds a bachelors degree in economics from Princeton University and an MBA from Harvard Graduate School of Business Administration.

Commenting on his appointment, Mr Peters said: ”I’ve long respected Platinum through my prior work dealings with Australia.”

“I’m excited by the leadership opportunity presented to me. Platinum has excellent foundations and an admired culture that has been built on the back of a differentiated investment approach and strong client focus. I’m keen to work with the team to see the company through its next growth phase,” Mr Peters continued.

Also announced on Monday, executive directors Elizabeth Norman and Andrew Stannard are to step down from the Platinum board.

The fund manager confirmed that Ms Norman and Mr Stannard will continue to perform their management duties, reporting to the new CEO.

“The board wishes to express our gratitude to Andrew, Elizabeth and Andrew for their valuable contributions as directors of the company over a number of years,” commented Platinum non-executive chair, Guy Strapp.

“Platinum is at an important juncture and Jeff’s appointment is pivotal to leading the next phase of the business,” he added.

“Jeff’s prior experience captures the important features required to grow a funds management business, namely strong investment performance, a focus on client outcomes, and the ability to thoroughly execute on strategic goals. We are excited for Platinum’s prospects.”

According to Mr Strapp, Mr Peters’ appointment further represents an opportune time to revisit the board’s structure, which has been largely driven by the combined CEO and CIO roles.

“Now that these roles have been separated, it is appropriate to restructure the board’s composition so that it aligns more closely to that of other listed companies in Australia.”