EQT Holdings entered into a conditional agreement to acquire all of the issued shares in Platinum Investment Management Limited from Platinum Asset Pty Limited, a wholly owned subsidiary of L1 Group Limited.
The transaction is being completed for nominal consideration.
Platinum Investment Management Limited, or PIML, acts as the responsible entity for a range of listed and unlisted managed investment funds.
These include the Platinum International Fund Complex ETF and Platinum Asia Fund Complex ETF, as well as other Platinum-branded managed funds.
The acquisition is expected to expand Equity Trustees’ responsible entity footprint and deepen its existing relationship with L1 Group.
Equity Trustees said the transaction aligns with its strategy of providing responsible entity services to established investment managers.
The company already has arrangements in place across a number of L1 Group-managed investment products.
Following completion, PIML will become part of the EQT Group.
PIML will initially continue to act as responsible entity for the relevant Platinum funds before that role transitions to another licensed EQT entity, subject to required regulatory approvals.
The investment management arrangements for the funds will continue with the relevant L1 Group investment managers.
Equity Trustees said the investment strategies and day-to-day portfolio management of the funds are not expected to change as a result of the transaction.
Fund investors will be notified before any changes take effect.
The transaction remains subject to customary conditions precedent and regulatory requirements.
KEY QUOTE:
“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.”
Mick O’Brien, Managing Director and Chief Executive Officer of EQT Holdings