L1 Group sells Platinum's responsible entity to Equity Trustees

L1 Group has offloaded Platinum Investment Management Limited (PIML) to Equity Trustees (EQT), handing over the responsible entity (RE) role for the Platinum funds while keeping investment management in-house.

This is part of its cost reduction strategy after the group was formed last year with the merger of L1 Capital and Platinum Asset Management.

It said the model replicates the operations already in place for the existing unlisted funds within the L1 Group, including L1 Capital Long Short Fund, L1 Capital International (Unhedged) Active ETF and L1 Capital Catalyst Fund, for which Equity Trustees acts as a responsible entity.

Before the completion of the deal, L1 Group will transfer the investment management role to Platinum Investment Management for all the funds including Platinum International Fund Complex ETF, Platinum Asia Fund Complex ETF and other unlisted Platinum funds.

L1 Group said the investment strategy and investment personnel for the funds will not change as part of the deal, and it will update the Product Disclosure Statements (PDS) for the funds to reflect these changes.

"The sale of PIML to EQT forms part of the ongoing integration work following the merger of Platinum Asset Management and L1 Capital, which completed on 1 October 2025," L1 Group said.

"The transaction is expected to contribute to the cost synergies identified at the time of the merger."

Following completion, Platinum Investment Management will become part of the EQT Group and continue to act as responsible entity for the funds before transitioning that role to another licenced EQT entity.

Any change of responsible entity will be subject to regulatory requirements, L1 Group said, with investors being notified before any change takes effect.

EQT managing director and chief executive Mick O'Brien 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."