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Why Platinum Asset Management Limited is up 9% today?

Platinum Asset Management Limited (ASX: PTM) is the top gainer on the ASX today due to an uptick in funds under management for April 2018 to $28 billion. The improvement comes after funds under management has been falling since February this year.

In February the Managing Director, Kerr Neilson, who has been the driving force behind the success of the business, announced that he would step down from his position, although will remain on the board and a member of the investment team. Neilson’s successor, Andrew Clifford, is a co-founder but does not have as high a profile as Neilson.

Platinum Asset Management is paying an annual fully franked dividend yield of 5.4% and is trading on a forward price-earnings-ratio (PER) of 17x.

Magellan Financial Group Ltd (ASX: MFG) is in the same sector as Platinum Asset Management and is trading on a forward PER of 17x and annual dividend yield of 4%, which is fully franked.

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Motley Fool contributor Rosemary Steinfort has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Platinum Investment Management Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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