MELBOURNE: EQT Holdings Limited announced Monday it has entered a conditional agreement to acquire all issued shares in Platinum Investment Management Limited from Platinum Asset Pty Limited, a wholly owned subsidiary of L1 Group Limited, for nominal consideration.

PIML serves as the responsible entity for 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 the transaction reinforces the company’s position as one of Australia’s leading responsible entity providers.

“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,” O’Brien said.

The acquisition 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 responsible entity services to established investment managers and complements arrangements already in place across several L1 Group managed investment products.

Following completion, PIML will become part of the EQT Group and will initially remain the responsible entity of the relevant Platinum funds before transitioning that role to another licensed EQT entity, subject to necessary regulatory approvals.

The investment management arrangements for the funds will continue with the relevant L1 Group investment managers. 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.

Equity Trustees was established in 1888 to provide independent and impartial trustee and executor services to help families throughout Australia protect their wealth. The company offers asset management, estate planning, philanthropic services, superannuation trustee services and responsible entity services for external fund managers. Equity Trustees is the brand name of EQT Holdings Limited, a publicly listed company on the Australian Securities Exchange with offices in Melbourne, Adelaide, Sydney, Brisbane and Perth.