Over the last four years, Success and More Interesting Stuff has been privileged to host some of the legends of the Australian equity market. Arguably though no one has had more of an impact on the industry than
Kerr Neilson.
Originally from South Africa, Neilson landed on Australian shores in 1983 where he joined the ranks of Bankers Trust. BT was on the rise and Neilson stood out among the pack. After just two years, he was placed in charge of the retail business. Under his leadership, it became the growth engine of the firm managing money around the globe.
BT’s mercurial handling of the 1987 crash saw Neilson’s retail arm of the company hit its stride, garnering billions of dollars to manage. Stellar performance and a growing reputation as a canny operator saw Neilson build a name for himself.
In 1993, Neilson decided to go it alone forming
Platinum Asset Management. As one BT operative described on the day of his departure, “the trading room floor at BT felt like it was hosting a funeral.”
Counting George Soros’ Quantum Fund among its original investors, Platinum got off to a flying start. Pitching itself as a global investor, the company powered through the next decade reaching $26 billion of funds under management. In 2007, Neilson and his team decided to float Platinum. It was good timing, with the market nearing a peak before the Global Financial Crisis.
Neilson ran Platinum for another decade before handing the reins to
Andrew Clifford. In 2022, he decided to depart the Platinum board, ready for the next part of his journey.
In this episode of Success and More Interesting Stuff, Neilson shares some of the major moments that shaped his career trajectory, some of his biggest wins during this time, as well as why his inventive ancestors taught him the "importance of being in the game - whatever the new game is" - and right now, he believes that is AI.
He also addresses some of the major changes that he hopes are on the horizon for Platinum investors - and shares why he still believes he has a responsibility to shareholders even after all this time.
Note: This interview was recorded on Thursday 8 February 2024.