Highlights

• L1 Group (ASX:L1G) brings together L1 Capital and Platinum Asset Management under a diversified investment-management platform.
• The Investment case centres on fund flows, investment performance and successful integration of the enlarged business.
• Cost synergies and broader product distribution could support Operating Leverage over time.
• Market conditions, redemptions and integration execution remain important risks.

L1 Group (ASX:L1G) has quickly become one of the more intriguing names in Australian financials, chiefly because of how it was formed. The company is the product of the combination of L1 Capital, an active-equities manager, with Platinum Asset Management,…