2232 GMT - Platinum Asset Management's 1.9% improvement in funds under management in September is comforting, but the business remains in outflow, says Bell Potter. That's significant given it is a takeover target of Regal Partners. "Against Regal Partners, Platinum are playing with a weak hand," says analyst Marcus Barnard. "While it does have a turnaround strategy, it is uncertain, long term and difficult to quantify." If Regal Partners walks away then Platinum's shares would fall heavily, Bell Potter says. The bank's adjusted EPS forecast falls by 18% in FY 2025 and by 14% in FY 2026. Platinum's shares are up 29% since Sep. 9. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
October 13, 2024 18:32 ET (22:32 GMT)
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