Equity Trustees to acquire Platinum Investment Management Limited as responsible entity footprint grows
EQT Holdings Limited (ASX: EQT), trading as Equity Trustees, has entered into a conditional agreement to acquire all of the issued shares in Platinum Investment Management Limited (PIML) for nominal consideration. The announcement, dated 12 October 2026, extends the group’s responsible entity footprint.
The seller is Platinum Asset Pty Limited, a wholly owned subsidiary of L1 Group Limited (ASX: L1G). The announcement describes the consideration only as “nominal” and discloses no dollar figure or valuation.
Mick O’Brien, Managing Director and Chief Executive Officer, EQT
“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.”
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What PIML brings to the EQT Group
PIML is the responsible entity of a range of listed and unlisted managed investment funds. These include:
- Platinum International Fund Complex ETF (ASX: PIXX)
- Platinum Asia Fund Complex ETF (ASX: PAXX)
- Other Platinum-branded managed funds
The announcement does not disclose funds under management, revenue or earnings contribution for PIML.
| Item | Detail |
|---|---|
| Acquirer | EQT Holdings Limited (ASX: EQT) |
| Target | Platinum Investment Management Limited (PIML) |
| Seller | Platinum Asset Pty Limited, a wholly owned subsidiary of L1 Group Limited (ASX: L1G) |
| Consideration | **Nominal** (no figure disclosed) |
Responsible entity services explained
A responsible entity is the licensed company that operates a managed investment fund. It carries legal duties to investors around governance, compliance and fiduciary oversight, while an investment manager makes the portfolio decisions.
Equity Trustees offers Responsible Entity (RE) services for external fund managers. Following completion, PIML will become part of the EQT Group.
Strategic rationale and continuity for fund investors
Strengthening EQT’s position
According to the announcement, the acquisition further strengthens EQT’s position as a leading responsible entity and trustee services provider in Australia. It also expands EQT’s existing relationship with the L1 Group.
The responsible entity push follows EQT’s exit from superannuation trusteeship, a refocusing on core trustee and wealth businesses that carried a roughly $13 million impairment charge.
The transaction aligns with EQT’s strategy of providing high-quality responsible entity services to established investment managers. It complements arrangements already in place across a number of L1 Group managed investment products.
What stays the same for investors
Following completion of the transaction:
- PIML will initially remain the responsible entity of the relevant Platinum funds, before transitioning that role to another licensed EQT entity (subject to all necessary regulatory approvals).
- 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.
Conditions and next steps
Completion of the transaction is subject to customary conditions precedent and regulatory requirements. The announcement does not disclose a completion date, timetable or financial guidance.
The deal also lands while EQT itself is in play, with a BGH Capital takeover proposal of A$24.75 per share following an earlier approach from TPG Global at A$24.55.
For investors, the deal is a conditional move to build EQT’s responsible entity scale, with the financial contribution of PIML still to be detailed.
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