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Platinum goes on the attack

PLATINUM Asset Management, the star performer in the funds management industry this year, has vigorously defended itself against criticism by research group Morningstar.

A recent report by Morningstar said there were shortcomings in Platinum’s strategic planning, management procedures and systems.

“It is the considered view of the board that their criticisms are without merit,” Platinum says in its latest quarterly report.

Platinum has successfully positioned itself as a specialist manager of international shares.

Its above-average returns have resulted in strong support from investors and financial advisers.

In the June quarter it achieved net inflows of $676 million, more than any other funds management group, according to the latest Market Share Report from ASSIR.

“We genuinely believe that our clients want a range of funds which attempt to achieve absolute returns,” Platinum says in its quarterly report.

“The last thing they wish is for Platinum to divert its focus from funds management and engage in distribution strategies, marketing and benchmark hugging.

“Proof of our systems lies in turnaround time of applications, redemptions and the fact that unit holders were mailed their tax statements within 12 days of the fiscal year end.

“Further, that a real person (who is hopefully helpful and polite) answers your queries and that you do not have to spend an interminable amount of time on keypad chess, trying to get answers to your questions.”

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