The Platinum Asset Management Ltd (ASX: PTM) share price is one to watch this week after its September funds under management (FUM) update late last week.
Why is the Platinum share price on watch?
The Aussie fund management company experienced a somewhat disappointing month as it recorded net outflows of $203 million in September 2020.
Platinum's FUM edged 0.94% lower to $21,472 million, down from $21,677 million the month prior.
The Platinum share price closed flat on Friday despite surging higher in early trade as investors weighed up the latest update following a disappointing August full-year result.
Platinum reported a 13.7% decrease in yearly FUM to $21.4 million as at 30 June 2020 with net outflows of $3 billion during the year. That saw management fees fall 6.5% for the year with total revenue down 0.2% to $298.7 million.
The coronavirus pandemic has hit many of the investment managers hard as poor performance combined with investor fear to reduce profitability.
How has the Platinum share price performed this year?
Shares in the Aussie wealth manager are down 25.8% this year, reflecting the softer market conditions we've since in 2020.
It's far from the only ASX share to be struggling as the S&P/ASX 200 Index (ASX: XJO) has fallen 8.8% to 6,102.0 points.
Some fellow ASX wealth managers have seen their valuations fall even further than the Platinum share price. The IOOF Holdings Limited (ASX: IFL) share price has fallen 55.0% lower while AMP Limited (ASX: AMP) shares have slumped 26.3% to $1.42 per share.
The Magellan Financial Group Ltd (ASX: MFG) share price has managed to climb 8.7% higher despite its competitors' struggles.
Foolish takeaway
The Platinum share price will be one to watch this week as investors take in the latest results and mull over further outflows.
I don't think it's panic stations by any means but it will be worth keeping an eye on the ASX wealth manager in coming months to see if there is any sentiment rebound before the end of the year.
