The decision by L1 Group to sell Platinum Investment Management (PIML) to Equity Trustees has received a decision from the Australian Competition and Consumer Commission (ACCC).
It was announced in mid-October that Equity Trustees had entered into a conditional agreement to acquire Platinum Investment Management, affecting several funds and ETFs.
This included Platinum International Fund Complex ETF (PIXX), Platinum Asia Fund Complex ETF (PAXX) and other Platinum-branded managed funds.
Following the deal, PIML would become part of EQT Group and act as the responsible entity for the funds before transitioning that role to another licensed EQT entity, subject to regulatory approval.
In a response from the ACCC, it said the acquisition was “unlikely to give rise to any material lessening of competition” given there is a very small overlap between EQT and PIML in the supply of responsible entity services and there are alternative responsible entities available.
“In these circumstances, the ACCC does not consider it necessary to reach a concluded view on the likelihood of the notification thresholds being met.
“Given that material competition concerns are unlikely to arise, the ACCC has determined that the acquisition is not required to be notified. The ACCC considers that the determination is consistent with the object of the Act and the interests of consumers in promoting competition.”
A statement from L1 Group said the sale forms part of the ongoing integration work following the merger of Platinum Asset Management and L1 Capital in October 2025. It also replicates the operating model already in place for the unlisted funds within L1 including L1 Capital Long Short and L1 Capital Catalyst fund.
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.”