The 118-year-old company is a conservative investor with diverse holdings, ranging from coal and resources to telecoms and pharmacies and many other sectors. The Millner family’s net worth is reportedly more than $1.1 billion.
When our photographer showed up at his property one Saturday afternoon in June, Millner met him in mud-stained blue jeans, a chambray shirt and Blundstone boots that look as if they could use a good scrub – a far cry from sharp city suits.
The two drove across the property in an all-terrain vehicle, passing cows, a dam, tall silos and a shed where a tractor idled.
“It’s a very intense farm; we’ve got irrigation and we run cattle. So I’ve got three-and-a-half men that look after that for me,” says Millner. “[We] predominantly grow lucerne hay [alfalfa]. We tried poppies but we didn’t grow any last year. I didn’t have enough water for it.
Millner is the fourth generation of the extended Pattinson clan to lead the business. His son, Tom Millner, also sits on the board and is a partner and co-portfolio manager at Contact Asset Management, an Australian equities investment manager owned by WHSP.
Highfield, as the farm is called, was initially bought by Robert’s parents when he was nine years old (he later expanded the holding).
He attended boarding school at Sydney’s inner-west Newington College, and after a brief career as a stockbroker returned to work on the farm, which sells its produce, until the age of 34.
WHSP started life in 1902 as a pharmacy when Robert’s great-grandfather, Lewy Pattinson, bought the business of fellow pharmacist and friend Washington Soul.
This story is from the October 2020 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 2020 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Is the public market shrinking?
Australia needs a healthy stock market to give companies access to funds and to allow retail investors to build wealth.
India: three steps to transformation
Massive investment and extensive reforms turbocharge the economy.
From rags to riches in style
Rich Tran sported a bowl cut until he was 14 years old and had no intention of becoming a hairdresser.
BANKING OUTLOOK: It pays to be disloyal
THE BIG QUESTIONS FOR 2024
WORKING HARD FOR THE MONEY
This year, Money magazine rounded up nine of our most talented writers and tasked them with reporting on why exactly, in specific detail, these products or businesses are the most beneficial for our readers.
Signs of life in IPO drought
Improved investor confidence and lower economic volatility could set the stage for a bounceback in company listings
Biotech giant stumbles
CSL faces some big challenges, but the long-term prognosis is more encouraging
Another day of reckoning
With economic history pointing to a recession in 2024, investors should go on the defensive
Investing by colours, not numbers
If you work out your personality type, your goals become obvious and you can invest according to your archetype
There is such a thing as a free lunch
The Federal government is waiting to give your super a $500 boost... come and get it!