Australian Unity has decided to shut down Platypus Asset Management, the group’s Australian equities subsidiary, after completing a review of the operation.
Australian Unity wealth & capital markets CEO Balaji Gopal said the assessment examined several possible paths for Platypus and found that owning an Australian equities manager “no longer aligned” the company’s strategy for its wealth & capital markets division.
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He added that the review identified persistent pressures on “long-term profitability” and questions over the business’s sustainability amid changes in the market for active Australian equities managers.
Platypus oversaw about A$5bn ($3.6bn) in 2024, but that figure has since fallen to around A$2.1bn, Bloomberg reported citing sources.
Gopal said: “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.”
“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.
“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.”
Australian Unity was founded in 1840 by a group of Australians seeking to support the health and financial wellbeing of their families and local community.
The mutual company now has 9,700 employees, 385,000 members and 700,000 customers across its health, wealth and care operations.
