Platinum Investment Management (ASX:PTM) completed the acquisition of First Maven, doing business as L1 Capital, acquiring all of the class A, class B, founder, and ordinary shares in L1 Capital, in consideration for the issue of around 1.66 billion new fully paid ordinary shares in Platinum to the shareholders of L1 Capital, according to a Wednesday Australian bourse filing.

Platinum's name will change from Platinum Asset Management to L1 Group. Once the name change is effective, Platinum will request the Australian Securities Exchange to change its ticker from "PTM" to "L1G."

The firm's principal place of business changed from Sydney, New South Wales, Australia, to Melbourne, Victoria, with effect from the completion of the merger.