Australia's Platinum Asset Management up on L1 Capital merger agreement

L1

08/07/2025 05:03

** Shares of Platinum Asset Management Ltd PTM.AX rise as much 3% to A$0.515, their highest level since June 18

** Fund manager enters merger implementation agreement with investment manager L1 Capital

** PTM announced in May that the firms would merge to form an A$18 billion ($11.73 billion) funds management group

** The shareholders of L1 Capital and Platinum will own 74% and 26% of the merged company, respectively

** Around 5.4 mln shares change hands, over 3x the 30-day avg trading volumes of about 1.7 mln

** YTD, stock down 25%, including the session's gains

($1 = 1.5354 Australian dollars)

 (Reporting by Shruti Agarwal in Bengaluru)

 ((Shruti.Agarwal@thomsonreuters.com))