Equity Trustees extends its responsible entity footprint by acquiring Platinum Investment Management Limited
EQT Holdings Limited (ASX: EQT) (EQT) announces that it has entered into a conditional agreement to acquire, for nominal consideration, all of the issued shares in Platinum Investment Management Limited
(PIML) from Platinum Asset Pty Limited, a wholly owned subsidiary of L1 Group Limited (ASX: L1G).
PIML is the responsible entity of a range of listed and unlisted managed investment funds, including the Platinum International Fund Complex ETF (ASX: PIXX), Platinum Asia Fund Complex ETF (ASX: PAXX) and other Platinum-branded managed funds.
EQT Managing Director and Chief Executive Officer 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.”
Strategic RationaleThe acquisition further strengthens EQT's position as a leading responsible entity and trustee services provider in Australia and expands its existing relationship with the L1 Group.
The transaction aligns with EQT's strategy of providing high-quality responsible entity services to established investment managers and complements arrangements already in place across a number of L1 Group managed investment products. Following completion, PIML will become part of the EQT Group and continue to act as responsible entity for the relevant Platinum funds before transitioning that role to another licenced EQT entity.
Continuity for Fund Investors
Following completion of the transaction:
• The investment management arrangements for the funds will continue with the relevant L1 Group investment managers;
• The investment strategies and day-to-day portfolio management of the funds are not expected to change as a result of the transaction.
Relevant fund investors will be notified before any changes take effect.
Completion of the transaction is subject to customary conditions precedent and regulatory requirements.
The Managing Director has authorised this release.
________________________________________Further information
Media
Alicia Kokocinski
General Manager – Marketing & Communications
03 8623 5396 / 0403 172 024
Investors
Johanna Platt Mick O’Brien
Chief Financial Officer Managing Director
+61 3 8623 5372 +61 3 8623 5202
jplatt@eqt.com.au mobrien@eqt.com.au
Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services, superannuation trustees services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane, Perth.