Platinum Asset Management, a prominent investment firm, has recently undergone significant changes in its leadership team. Co-chief investment officers, Andrew Clifford and Clay Smolinski, are stepping down from their positions. Clifford, with a remarkable 31-year tenure at Platinum and prior experience as CEO, will relinquish his CIO roles and global portfolio management duties. He will transition into a new role focusing on investment mentorship within the investment oversight group.

In parallel, Smolinski, who has dedicated nearly two decades to the company, will be on a six-month leave of absence. During this period, he will also cease his responsibilities as a portfolio manager for the flagship Platinum International Fund. Upon completion of his leave, Smolinski will assess the possibility of returning to an alternate position within the investment team, in consultation with Platinum’s management.

The departure of Clifford and Smolinski leaves Platinum without appointed CIOs, as replacements for the duo have not been formally designated by the firm. To address this vacuum, Ted Alexander, a seasoned long-short global equity manager, has been selected to lead the Platinum International Fund and other global strategies. Alexander’s background includes prior roles as a portfolio manager at Magellan and as the chief investment officer at BML Funds.

Additionally, Jim Simpson, who recently joined the board as a non-executive director, will now assume an executive role as the chair of the investment oversight group, collaborating closely with Clifford. Simpson, a founding member of Platinum dating back to 1994, previously served as a portfolio manager for the company’s Japan strategies until 2007.

Commenting on these changes, Clifford expressed confidence in the revamped structure, emphasizing the amalgamation of the team’s extensive expertise with the infusion of new talent to drive innovative ideas and approaches. Platinum’s CEO, Jeff Peters, commended Ted Alexander as the standout candidate, citing his exceptional performance track record across various managerial positions and his alignment with Platinum’s values and investment philosophy. Peters highlighted the mandate given to Alexander to enhance the investment process, specifically focusing on revitalizing the investment performance of the Platinum International Fund.

In conclusion, the leadership transitions at Platinum Asset Management signify a strategic shift aimed at leveraging both seasoned professionals and fresh perspectives to deliver superior returns for clients. The company expressed gratitude for the substantial contributions of Andrew Clifford and Clay Smolinski, underscoring their dedication and the ongoing commitment of Clifford during this transitional phase.