(Reuters) Global stock picker Kerr Neilson, dubbed “Australia’s Warren Buffett,” said he will step down as chief executive officer of listed fund manager Platinum Investment Management (PTM.AX), sending its shares almost 12 percent lower. “It really is time for me to focus on fewer things and do those well, rather than try and cover this whole global investing scenario,” Neilson told Reuters on Friday. Neilson, who founded the fund with the backing of U.S. investor George Soros 24 years ago and became one of Australia’s richest men overnight when he floated it in 2007, will remain executive director.

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