The news: EQT Holdings, operating as Equity Trustees, has entered into a conditional agreement to acquire 100% of L1 Group’s subsidiary Platinum Investment Management (PIML), subject to regulatory approvals.
The context: EQT said the acquisition will further strengthen its position as Australia’s leading trustee services provider while expanding its existing relationship with L1 Group.
PIML operates a range of listed and unlisted managed investment funds, including the Platinum International Fund Complex ETF and the Platinum Asia Fund Complex ETF.
PIML will initially remain the responsible entity for the relevant Platinum funds, before gradually transitioning that role to another licensed EQT entity following the completion of the transaction.
The investment strategies and daily portfolio management of the funds are not expected to change as a result of the transaction.
What they said: “This transaction reinforces EQT’s position as one of Australia’s leading responsible entity providers and reflects the confidence managers place in EQT’s governance, compliance and fiduciary capabilities,” EQT CEO Mick O’Brien said.
Read More: Equity Trustees to acquire L1 Group’s Platinum Investment Management —
