Kerr Neilson's boutique funds management company, Platinum Asset Management, lodged its prospectus with the ASX Tuesday with the intention of becoming a publicly listed company.
Many commentators in the market believe Neilson to be one of the finest fund managers this country has ever seen. With some $22b+ under management, it seems investors, both domestic and foreign, tend to agree. The returns he has achieved have been at least great, if not extraordinary. After putting out word that he might be interested in taking on equity partners recently, and rejecting the offers received, it seems that he has now offered all of us a chance to take a stake in Platinum. Although, not a huge stake, as less than a quarter of the shares on issue will be on offer.
There is a definite key-man risk in Platinum... if Neilson walks away at some stage in the future, it could possibly, and may very well, spell the end of their outstanding performance. Let's face it, Neilson is Platinum and Platinum is Neilson.
That said, I've already grabbed a copy of the prospectus and pre-registered my interest with CommSec for an allocation.
I'm very interested to see the views of other ASF participants on the PTM float.
Edit: You can grab a copy of the prospectus from Platinum @ www.platinum.com.au or if you're a CommSec client, thru their IPO Centre.