Equity Trustees to acquire L1's Platinum Investment Management
What's the deal? Australia's Equity Trustees (EQT)Dealroom has a profile for this one. Try Dealroom → has entered a conditional agreement to acquire all shares of Platinum Investment Management (PIML)Dealroom has a profile for this one. Try Dealroom → from L1 GroupDealroom has a profile for this one. Try Dealroom →. The deal value was undisclosed.
What changes for customers? PIML will become part of EQT Group and serve as the responsible entity for a range of Platinum-branded managed funds and ETFs — including the Platinum International Fund Complex ETF and the Platinum Asia Fund Complex ETF — before transferring that role to another licensed EQT entity, subject to regulatory approval.
Investment management arrangements for the funds will continue with the relevant L1 Group investment managers, so the people running the money do not change.
Why now? L1 Group said the sale forms part of integration work following the October 2025 merger of Platinum Asset ManagementDealroom has a profile for this one. Try Dealroom → and L1 CapitalDealroom has a profile for this one. Try Dealroom →. It replicates the operating model already used for L1's unlisted funds, such as L1 Capital Long Short and L1 Capital Catalyst.
What's the endgame? EQT is leaning into its responsible entity business. Earlier this year it said it was moving away from superannuation trusteeship to focus on its responsible entity work with wealth managers, following a strategic review.
Managing director and chief executive Mick O'Brien said the deal "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."
The signal: The acquisition reflects a growing split in Australian funds management, where asset managers hand governance and compliance roles to specialist providers while keeping the investment work in-house. For EQT, it is another step toward a simpler, lower-risk model built around fiduciary services.
Read more: moneymanagement.com.au
Image credit: ehnmark
