L1 Group posts FY26 results, names Ausbil Peros

L1 Group FY26 results showed underlying net profit after tax (NPAT) of $188.8 million for the 12 months ended 30 June, nearly doubling the $96.1 million reported a year earlier.

Revenue and assets rise sharply

Total revenue climbed to $385.9 million, a 49 percent increase from the prior year. Funds under management grew to $19.1 billion, up 17 percent. The boost was driven by strong fund performance and the rapid realization of merger synergies.

A one‑off performance fee of $79.3 million came from the closure of the unlisted L1 Wholesale Gold Fund, which transitioned into the newly listed L1 Gold fund according to the filing. The merger between L1 and Platinum is described as “nearing completion,” with $31.7 million in cost synergies already realized. Consequently, the target for cost synergies has been raised from $35 million to $43 million.

Strategic moves and new leadership

L1 highlighted “continued strategic momentum” following the Platinum merger, citing two extension strategies, an offshore distribution build‑out across North America and EMEA, and a joint venture named PXC Advisors as noted in the report. The firm also announced plans to launch an Australian small‑cap strategy.

The new strategy will be led by Andrew Peros, who joined from Ausbil Investment Management after nearly nine years, including five as a portfolio manager for small and micro‑cap equities. Peros is expected to start at L1 at the end of October, with the small‑cap fund slated for launch before year‑end. Both this fund and the one managed by PXC Advisors are not projected to reach “material assets” until the close of FY28.

Chief executive Julian Russell said the group was “extremely happy” with the results and the progress of the Platinum integration. He added that the integration is “largely complete” and that the firm’s focus is now on growth through new products and joint‑venture pipelines.

He dismissed the prospect of further acquisitions, emphasizing joint ventures as the preferred route for expansion, especially overseas. The hiring of Chris Ashman as head of partnerships for North America supports these efforts.

The outlook remains positive.

From a broader market view, the shift toward joint ventures reflects a cautious approach to overseas entry, where firms often prefer to mitigate risk by partnering rather than taking on full operational responsibility. This pattern aligns with recent trends in the asset‑management sector, where collaborative structures are increasingly used to access new regions without the capital outlay of outright purchases.

Russell also noted that domestic acquisition opportunities appear limited at present, stating there is “nothing out there… that we are attracted to” in Australia. Nevertheless, the firm remains open to evaluating any domestic prospects that align with its strategy.