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2 shareholders to pare stake in Platinum Asset Management

Platinum Asset Management Ltd. co-founder Kerr Neilson and Judith Neilson are paring their shareholding in the asset manager, the parent of Platinum Investment Management Ltd., by selling a total of 60 million shares, or an about 10% stake.

They will sell 30 million shares each by way of a fully underwritten offer to institutional and professional investors on March 19 at A$5 per share.

Kerr Neilson, who is the controller of the company, will remain on the company's board. Following the sale, the Neilsons will continue to hold 42.97% of the company's shares.