Mr. Balaji Gopal, Chief Executive Officer, Wealth & Capital Markets, Australian Unity, said the business undertook a detailed strategic review which considered a variety of different options for Platypus and concluded that ownership of an Australian equity manager was no longer aligned to Australian Unity’s strategy for the Wealth & Capital Markets business. 

The review also highlighted long-term profitability and viability challenges facing Platypus due to the evolving market environment for active Australian equity fund managers. 

“This decision is aligned with our strategy to simplify and strengthen our Wealth & Capital Markets business, deliver greater value for members, and focus our capital and resources on areas of enduring competitive strength, including investment bonds, social infrastructure property across healthcare, aged care and specialist disability accommodation, investments, and trustee services.”

“Australian Unity is proud to have supported the growth and success of Platypus Asset Management for more than two decades.  

“Our immediate priority is to ensure an orderly wind down of the Platypus investment management arrangements and a smooth transition for clients, while continuing to support the Platypus team and its clients throughout the process.”, he said. 

Mr. Gopal said Platypus Asset Management’s clients had been notified of the decision. 

“We recognise this is an important change for investors and the Platypus team, and Australian Unity is putting in place appropriate interim management arrangements to oversee the transition and wind down”, he said. 

Ends

Media contact

T: 1300 408 776
E: media@australianunity.com.au

About Australian Unity

Established in 1840 by a group of everyday Australians to support the health and financial welfare of their families and community, Australian Unity has grown into one of the largest mutual companies in Australia with 9,700 employees, 385,000 members and 700,000 customers. Its portfolio of diverse thematically linked health, wealth and care services support wellbeing and aim to make a positive impact in what ‘matters’ to individuals and communities.