Platinum Asset Management announced on Monday that Jeff Peters has moved into his new capacity as CEO and managing director.
The firm first revealed in December that Mr Peters would take over the reins with effect from the date that his Australian working visa was granted.
He has succeeded 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).
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.
Platinum has also advised that further board changes will take effect on or around 29 January, following Mr Peter’s relocation to Australia.
Namely, executive directors Elizabeth Norman and Andrew Stannard are to step down from the board.
The fund manager confirmed that Ms Norman and Mr Stannard will continue to perform their management duties, reporting to the new CEO.
According to non-executive chair Guy Strapp, Mr Peters’ appointment represented 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,” Mr Strapp said in December.
“Platinum is at an important juncture and Jeff’s appointment is pivotal to leading the next phase of the business.”
Also on Monday, Platinum reported funds under management (FUM) of $15.45 billion at 31 December 2023, alongside net outflows of approximately $235 million.
At 30 June 2023, the firm had $17.3 billion in FUM, down from $18.2 billion at the end of June 2022.
