Platinum Investment Management (ASX:PTM) reported total funds under management of AU$9.65 billion as of April 30, down from AU$10.28 billion as of March 31, according to a Tuesday filing with the Australian bourse.

In March, the company recorded net outflows of roughly AU$243 million, including AU$215 million from the Platinum Trust Funds, the filing said.

The company said it has received a notice of termination of an institutional mandate of about AU$958 million to take effect on Friday, and the impact of this will be on its May 31 figures.

The company said this will be offset by an accelerated cost savings plan to be delivered in 2026, on top of previously disclosed cost savings measures.

Platinum Investment Management's shares fell almost 4% in recent Tuesday trade.