L1 Capital says it is not trying to transform itself into a multi-brand investment house like Pinnacle or Challenger as it seals a deal to merge with Platinum Asset Management and create a $16.5 billion funds giant.

The Melbourne-based fund manager, founded in 2007 by Raphael Lamm and Mark Landau, told investors on Tuesday that it had finalised details of its plans first announced in May to combine with the global equities investor.