The $3 billion man

[Springbok]

http://www.news.com.au/heraldsun/story/0,2...042-664,00.html

AUSTRALIA'S answer to Warren Buffett is the renowned stock-picker Kerr Neilson, who yesterday emerged with a $3 billion fortune after floating just a quarter of his funds management business. Shares in the highly-sought after platinum asset management shot as high as $9.11 yesterday before closing at $8.80, a staggering 76 per cent higher than the $5 they were sold for through an initial public offer. The IPO was more than five times oversubscribed and no institutions were allowed to buy into the float, thereby creating pent-up demand on the market. The company, which manages $22.2 billion in funds, was founded by managing director and chief investment officer Mr Neilson 13 years ago, after a successful career at Bankers Trust Australia. The publicity shy South African Mr Neilson and his wife Judith own 57 per cent of the company, worth $2.8 billion on paper yesterday, plus several hundred million pulled out of the float.