Platinum Investment Management (ASX:PTM) reported worsening net outflows, leading to a reduction in its funds under management, according to a Tuesday note by Jarden Research.
On Tuesday, the company reported total funds under management (FUM) of AU$10.28 billion as of March 31, down from AU$10.76 billion as of Feb. 28.
Net outflows in March 2025 reached AU$302 million, worse than the firm's previous estimate of AU$224 million, Jarden said.
This contributed to a 1.3% drop in FUM, which came in at AU$10.28 billion, below Jarden's estimate of AU$10.41 billion.
Jarden believes net flows will remain elevated in the next six months due to the portfolio manager change.
Despite near-term challenges, Jarden sees Platinum making good progress on its turnaround strategy.
The firm maintained the PTM's neutral rating but cut its price target to AU$0.54 from AU$0.59.
Shares of the company fell 3% at market close.
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