L1 Capital, Platinum Asset Management enter merger deal
L1 Capital, a global investment manager, has announced a binding merger implementation deed with Platinum Asset Management, forming a combined entity that will manage approximately A$16.5bn ($10.7bn) in funds.
This merger is expected to position the new company as a leading provider of listed equities and alternative investment strategies.
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Under the agreement, Platinum will acquire all issued share capital of L1 Capital in exchange for new ordinary shares issued to L1 Capital’s shareholders.
Post-merger, L1 Capital shareholders are expected to hold 74% of the combined entity, while Platinum shareholders will own 26%.
The deal is subject to conditions, including approval from Platinum’s shareholders.
Upon completion, the merged entity will retain its listing on the Australian Securities Exchange (ASX) under a new ticker symbol, with Platinum set to undergo a name change.
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By GlobalDataPlatinum chair Guy Strapp said: “The Platinum Board is unanimous in its view that this transaction is in the best interests of shareholders.
“After careful consideration, we believe the combination with L1 Capital provides a catalyst to deliver strong outcomes for shareholders and investors, creating a high-quality manager with a strong heritage, world-class investment talent and scale.”
As of 31 March 2025, Platinum Asset Management, the parent company of Platinum Investment Management Limited, oversees around A$10bn ($6.5bn) in assets and specialises in international shares, offering diverse investment products to both retail and wholesale investors.
L1 Capital, founded in 2007 and with offices in Melbourne, Sydney, Miami, and London, offers various investment strategies.
The firm caters to a wide range of investors, including superannuation funds, pension funds, asset consultants, financial planning groups, family offices, private wealth firms, high net worth individuals, and retail investors.
L1 Capital co-founder Mark Landau said: “Raf and I are both excited about bringing L1 Capital and Platinum together.
“We can see major benefits for both Platinum clients and shareholders from combining our capabilities. We believe this merger enables a decisive turnaround in the outlook for the Platinum business.”
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