Mayfair 101 Group has stood firm on the name of its customer-facing brand Mayfair Platinum, after copping legal action from Platinum Asset Management over its use of the word “platinum”.
Platinum AM first took offence to Mayfair’s Platinum brand after it was launched in November last year, filing a legal claim which sought to remove the word “platinum” from the company’s trademark register.
In response to the lawsuit, Mayfair 101 has defended its business, filing a cross-claim on Friday stating that platinum is a “laudatory and descriptive term which is commonly used, including in the financial industry”.
Its claim also stated that Platinum AM should never have been allowed to trademark the word in the financial services category.
Mayfair 101 Group managing director James Mawhinney commented: “The word ‘platinum’ is generic and descriptive of the quality of service which Mayfair Platinum’s investors receive.”
“Our high customer satisfaction is testament to this.”
The investment manager added that Platinum has been “facing its own challenges since Kerr Neilson stepped down as CEO in February 2018”.
“New Platinum Asset Management CEO Andrew Clifford and his investment team declined to accept any bonuses in 2018-19 after what the fund manager described as a disappointing investment performance and a 17 per cent decline in annual profit,” Mayfair 101 stated.
The group has appointed senior counsel Matthew Darke to lead its cross-claim. Notably, Mr Darke represented Westpac during the royal commission.
Mayfair’s Platinum brand offers exposure to the company’s international investment portfolio, promising access to opportunities typically only accessed by family offices, investment banks, stockbrokers and ultra-wealthy investors.
The group launched the Platinum offering after “sustained growth” for its other subsidiary, IPO Wealth, which had raised more than $115 million in November, since launching around two and a half years prior.
Investor Daily reached out to Platinum Asset Management for comment, but is yet to receive a response.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
Moody’s Investors Service has downgraded its ratings for AMP Group and its banking arm, citing dampened operating results, reputational da...