Platinum Asset Management (ASX:PTM) ended discussions with investment manager Regal Partners (ASX:RPL) regarding a potential acquisition, following the conclusion of due diligence, according to a Monday filing with the Australian bourse.

In October, the fund manager entered into a non-exclusive mutual due diligence period with Regal Partners after rejecting Regal's non-binding indicative acquisition proposal via a scheme of arrangement.

The company also declared a fully franked special dividend of AU$0.20 per share with a record date of Dec. 13 and payable on Dec. 31 after reassessing its capital management policy, the filing said.

Platinum recorded funds under management of AU$10.96 billion in November, down from AU$12.18 billion in October.

The fund manager has secured its first partnership under the Platinum Partner Series with US-based small-cap specialist GW&K, to exclusively distribute its small-cap strategy in the Australian market.

Platinum Asset Management's shares fell 16% in recent Monday trade and earlier hit an all-time low, while shares of Regal Partners tumbled 4%.

Price (AUD): $0.88, Change: $-0.17, Percent Change: -16.08%