October
L1’s shake-up shows the super river has run dry for fund managers
L1’s founders got a call about a decade ago that shook up their business. Now they are looking to the next chapter – with a $300 million growth war chest.
L1 Group says it can succeed where other listed funds have failed
Co-founder Mark Landau is bullish on the $17 billion money manager as more famed stock-pickers join its share register.
Soul Patts, Chris Mackay to cornerstone L1 Group’s $300m raising
The $16.5 billion fund manager, formed from the merger of L1 Capital and Platinum, has priced the deal at 95¢ a share. The funds will be used to seed new strategies.
September
ASX falls for third day before GDP; Collins Foods, PolyNovo soar
Bourse ends lower as large caps trade ex-dividend; gold miners buoyed by bullion record; Collins Foods reports strong sales; PolyNovo positioned for US changes; NRW to buy Fredon. Follow live.
Platinum client pulls $580m ahead of L1 merger
The asset manager has been dealt a blow as a large redemption of assets took place ahead of the deal being finalised.
L1 Capital takes growth hunt offshore. Here are 7 stocks it’s buying
The investment firm says its incremental dollar is going into overseas stocks, not Australian ones. It’s partly why it wants to get control of Platinum Capital.
August
Platinum rebranded to L1 Group after fund manager merger
Platinum Asset Management’s will rebrand if the shareholders approve its deal with L1 Capital. Its last full-year profit numbers revealed another difficult year.
Platinum insider trading charges started with stolen Regal emails
Rodney Forrest this week pleaded guilty to buying $2.7 million in shares with confidential information. Court documents reveal how he managed to obtain it.
Sydney fund manager charged with insider trading in Platinum shares
The corporate regulator has alleged that Rodney Forrest purchased a $2.6 million stake in the investment firm last year while holding insider information.
Platinum bets on AI chips and healthcare to lift lagging returns
The money manager’s largest equities funds have trailed the market for the best part of a decade, but it’s counting on chipmakers and a bullish call on South Korea to revive its performance.
L1 Capital draws investor backlash over Platinum Capital plans
The Melbourne hedge fund has proposed to change the listed investment vehicle into a global long-short strategy, kyboshing a proposal to morph it into an ETF.
July
L1 strikes Platinum merger deal, says it isn’t aiming to be biggest
The Melbourne-based fund manager, founded by Raphael Lamm and Mark Landau, has told investors considerable costs will be eliminated from the merged firm.
These rockstar fundies run straight through poor old Platinum
L1 Capital shows everyone how to sell a business but retain the money machine.
June
L1 Capital stokes shareholder ire at Platinum Capital LIC
Outspoken activist David Kingston says unitholders are being held hostage by L1 Capital.
L1 Capital tweaks Platinum deal terms as merger nears finalisation
The Melbourne fund manager is trading ownership share for performance fees as negotiations enter their final stages.
L1 Capital mulls its Plan B amid Platinum merger diligence
Firm announces purchase of 16.85 per cent stake in Platinum Capital Limited, a $400 million ASX-listed fund that is among its manager’s crown jewels.
May
David Paradice says government tests on super create market distortion
The founder of one of the country’s most successful funds management businesses, says the Your Future, Your Super changes are hollowing out the industry.
Regal, Platinum and the 90-second Kerr Neilson meeting
L1 Capital had far more success convincing the Platinum founder, clearly.
Client that yanked $1b from Platinum revealed
Street Talk understands Colonial First State First Choice was behind the termination and has shifted its funds to Magellan’s Vinva Investment Management.
Regal says Platinum business a ‘melting ice cube’
CEO Brendan O’Connor told the Macquarie Conference the struggling global equities manager wanted too much money for a business with rapidly declining assets.