‘Outrageous’: Platinum’s Clifford fires back at Bell Potter

A report by broker Bell Potter labelling Platinum Asset Management “worthless” has been dismissed by the fund manager’s co-chief investment officer and former boss, Andrew Clifford, as misunderstanding its business and strategy.

Bell Potter analyst Marcus Barnard warned that Platinum shareholders faced huge losses unless the investment business moved to slash its cost base and attract a takeover suitor, in a report issued on Wednesday.