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Kerr Neilson

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Kerr Neilson
Born (1950-01-04) 4 January 1950 (age 74)
Johannesburg, South Africa
Nationality
  • Australian
  • South African
Alma materUniversity of Cape Town
OccupationInvestment manager
Known forCo-founder, Platinum Asset Management
SpouseJudith Neilson (div. 2015)
Children2

Kerr Neilson (born 4 January 1950[citation needed]) is a South African-born Australian billionaire investment manager who, in 1994, co-founded Platinum Asset Management. Neilson's ability to consistently choose high-performing stocks has seen him dubbed "Australia's Warren Buffett".[1][2][3] As of May 2022, his net worth was estimated at US$1.0 billion.[4]

Early life

Kerr Neilson was born in Johannesburg, South Africa on 4 January 1950.[citation needed] Neilson first demonstrated an inclination for a future in investment management when he bought his first stock at the age of 13.[4] In 1973, Neilson graduated with a Bachelor of Commerce from the University of Cape Town.[5]

Career

Neilson worked in finance and investment management, most notably in the investment department of Cortaulds, London.[6] After returning to South Africa in 1973, he moved to Australia ten years later as the head of retail funds management for Bankers Trust Australia.

Platinum Asset Management

In 1994 Neilson co-founded Platinum Asset Management with the financial backing of George Soros.[7] Neilson acted as managing director, executive director and chief investment officer. Founded as a specialist company in international equities, Platinum Asset Management manages an estimated A$22 billion in funds in 2020.[8] Platinum Asset Management continues to adopt Neilson's investment ideologies with a ‘contrarian, long term investing philosophy' that looks beyond short-term market turbulence to achieve strong long-term absolute returns.[8] In 2018, Kerr Neilson stepped down as Chief Executive Officer and was replaced by Andrew Clifford. Neilson continues as chief investment officer for Platinum Master Portfolio and Platinum Japan Fund.[8]

However, poor results during the 2012 financial year resulted in a 16 per cent fall in net profit, mainly due to a 14 per cent reduction in investment income. As a result, Neilsen agreed to forego a performance bonus, an increase in his base salary, and neither granted himself nor exercised options. As the principal shareholder of Platinum, Neilsen yielded A$42 million in dividends during the 2012 financial year.[9]

Platinum originated as a specialist company in international equities and continues to operate globally in 2020, with a multibillion dollar portfolio.[8] The success of the company is attributed to Neilson's ability to transcend short-term market investment and focus on long-term returns, an ideology that was developed over decades working in finance and investment management prior to 1994 and beyond.[10]

This ideology was imbued into Platinum Asset Management with Neilson as chief executive officer and provided the company with an "ethos that has underpinned Platinum's approach to investing, product distribution, investor communications and every other aspect of our operations."[8] This investment philosophy continued into Neilson's personal financials and investment decisions with uncanny success, as his decision to float Platinum shares at the time he did in 2007 made him a billionaire. Neilson floated his shares in Platinum Asset Management in 2007. The float produced strong financial returns for Neilson, with the majority (57%) of shares that Neilson retained valued at A$2.9 billion.[5] As of 2020, Neilson is the chief investment officer for Platinum portfolios in Platinum Asset Management Ltd.[8]

Personal life

Neilson and his former wife, Judith, divorced in 2015. They have two children.[11] In 2009, Kerr and Judith Neilson established the White Rabbit Gallery in Chippendale, Sydney to display their collection of artworks that they have acquired over the previous decades.[12]

Net worth

In 2007, Kerr Neilson floated 20% of Platinum Asset Management on the ASX.[5] The majority of the shares Neilson retained (57%) were valued at A$2.9 billion and made Neilson both a billionaire and one of Australia's wealthiest people.[5] Forbes listed Neilson in their 2010 list of Australia's richest people with a net worth of US$2.29 billion. Within the following couple of years however, unexpectedly low returns throughout the 2012 financial year resulted in a 16 per cent decrease in net profit. This fall being mainly attributed to a 14 per cent reduction in investment income. Subsequently Neilson cut performance bonuses and an increase in base salary.[8] As a result, Neilson yielded A$42 million in dividends during the 2012 financial year.[9]

Neilson has continued to be listed in Forbes' lists of Australia's 50 richest people and Australian billionaires from 2010 until the most recent publication of 2019. As of November 2020, Neilson was recorded as having a net worth of US$1.2 billion, an US$12 million or 1% increase since 5pm the previous day.[5] According to the BRW, Neilson's net worth fell from A$3.35 billion to A$2 billion in 2015 as a result of his divorce,[note 1] and to A$1.95 billion in 2016.[13]

Year Financial Review
Rich List 		Forbes
Australia's 50 Richest
Rank Net worth
A$ bn 		Rank Net worth
US$ bn
2010[14] 6 Decrease 2.20 Increase
2011[15][16] 2.10 Increase 8 Decrease 2.40 Increase
2012[17][18] 14 Decrease 2.08 Decrease 10 Decrease 2.10 Decrease
2013[19][20] 13 Increase 2.43 Increase 9 Increase 2.50 Increase
2014[21][22] 10 Increase 3.35 Increase 10 Decrease 2.90 Increase
2015[note 1][13][23] 18 Decrease 2.00 Decrease 8 Increase 3.00 Increase
2016[24][25] 22 Decrease 1.95 Decrease 11 Decrease 1.85 Decrease
2017[26][27][28][29] 24 Decrease
2018[30] 35 Increase 1.78 Increase
2019[31][5] 60 Decrease 1.49 Decrease 34 Decrease 1.24 Decrease
2020[32] 73 Decrease 1.38 Decrease
2021[33] 73 Steady 1.55 Increase
Legend
Icon Description
Steady Has not changed from the previous year
Increase Has increased from the previous year
Decrease Has decreased from the previous year
Notes
  • ^[note 1] : Prior to 2015, net worth was recorded in the name of Kerr Neilson only. From 2015, net worth was separated with individual listings for Kerr Neilson and for Judith Neilson.

References

  1. ^ Washington, Stuart (23 May 2007). "Meet the $2.9b Man of Platinum". The Sydney Morning Herald. Retrieved 18 June 2012.
  2. ^ Schmidt, Lucinda (20 July 2009). "Profile Kerr Neilson". The Age. Australian.
  3. ^ Robinson, Gwen (23 May 2007). "Australia's own 'Buffett' is platinum-plated". Financial Times: alphaville.
  4. ^ a b "Forbes profile: Kerr Neilson". Forbes. Retrieved 1 May 2022.
  5. ^ a b c d e f "Kerr Neilson". Forbes. n.d.
  6. ^ "Portfolio Talk: Kerr Neilson". Good Returns NZ. New Zealand. 3 October 2002. Archived from the original on 19 July 2011.
  7. ^ Myer, Rod (28 December 2003). "Taking a punt proves Platinum's mettle". The Age. Australia.
  8. ^ a b c d e f g "Home". www.platinum.com.au. Platinum Asset Management. n.d. [self-published source?]
  9. ^ a b Evans, Michael (17 August 2012). "Neilson axes bonus after hit at Platinum". The Sydney Morning Herald. Retrieved 1 September 2012.
  10. ^ "Platinum's Kerr Neilson: It's all about the price".
  11. ^ "Billionaire Kerr Neilson to hand over $3bn slice of empire to wife after messy divorce". The Sunday Telegraph. Australia. 10 May 2015. Retrieved 12 May 2015.
  12. ^ "White Rabbit Gallery" (streaming video). ABC Arts Online. Australia: ABC TV. 2 November 2009. Retrieved 18 June 2012.
  13. ^ a b "Rich 200: Kerr Neilson". BRW. May 2015. Retrieved 12 June 2015.
  14. ^ "Australia's 40 Richest: #6 Kerr Neilson". Forbes Asia. 3 March 2010. Retrieved 18 June 2012.
  15. ^ "Passport Power". BRW Rich 200 Wealth Index. Australia. 25 May 2011. Archived from the original on 10 November 2012. Retrieved 2 June 2012.
  16. ^ "Australia's 40 Richest: #8 Kerr Neilson". Forbes Asia. 1 February 2011. Archived from the original on 11 February 2011. Retrieved 18 June 2012.
  17. ^ "Rich 200: Kerr Neilson". BRW. 24 May 2012. Retrieved 18 June 2012.
  18. ^ "Australia's 40 Richest: #10 Kerr Neilson". Forbes Asia. 1 February 2012. Retrieved 18 June 2012.
  19. ^ "Rich 200: Kerr Neilson". BRW. 22 May 2013. Retrieved 28 June 2013.
  20. ^ "Gina Rinehart tops Forbes' Australian rich list". The Australian. Australian Associated Press. 31 January 2013. Retrieved 12 June 2015.
  21. ^ "Rich 200: Kerr Neilson". BRW. 27 June 2014. Retrieved 28 June 2014.
  22. ^ Rollason, Adam (30 January 2014). "Rinehart on top, Palmer down on Forbes rich list". Financial Review. Australia. Retrieved 12 June 2015.
  23. ^ "Australia's 50 Richest People: #8 Kerr Neilson". Forbes. March 2015. Retrieved 12 June 2015.
  24. ^ Stensholt, John, ed. (27 May 2016). "BRW Rich 200 List 2016". Financial Review. Australia. Retrieved 9 June 2016.
  25. ^ "2016 Australia's 50 Richest". Forbes Asia. January 2016. Retrieved 9 June 2016.
  26. ^ "Australia's Richest 2017: Country's Wealthiest Continue Mining For Dollars". Forbes Asia. 1 November 2017. Retrieved 28 September 2019.
  27. ^ "Gina Rinehart tops Forbes Australia Rich List with $21.5b". The Sydney Morning Herald. AAP. 2 November 2017. Retrieved 28 September 2019.
  28. ^ Froelicher, Christian (23 January 2018). "Rich and counting: Australia's 33 billionaires". SBS World News. Australia. Retrieved 28 September 2019.
  29. ^ "Nocookies". The Australian. Retrieved 26 June 2017.
  30. ^ Stensholt, John, ed. (25 May 2018). "2018 AFR Rich List: Who are Australia's richest people?". The Australian Financial Review. Retrieved 26 May 2018.
  31. ^ Bailey, Michael (30 May 2019). "Australia's 200 richest people revealed". The Australian Financial Review. Nine Publishing. Retrieved 31 May 2019.
  32. ^ Bailey, Michael; Sprague, Julie-anne (30 October 2020). "The full list: Australia's wealthiest 200 revealed". The Australian Financial Review. Nine Publishing. Retrieved 31 October 2020.
  33. ^ Bailey, Michael; Sprague, Julie-anne (27 May 2021). "The 200 richest people in Australia revealed". Australian Financial Review. Retrieved 28 May 2021.
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