L1 Group was formerly known as Platinum Asset Management until the merger with L1 Capital earlier this year.
In a statement, it said: “After ongoing discussions, Jeff Peters is stepping down from his position as managing director and chief executive, effective today.
“Mr Peters’ decision to step down as managing director and chief executive follows his central role in stabilising the business since his appointment to the role in January 2024, ultimately culminating in the merger with L1 Capital, which completed on 1 October 2025.”
Peters was appointed in December 2023 to succeed Andrew Clifford who stepped down as CEO after five years. He had previously been based in the US, working at firms such as Putnam Investments and Columbia Threadneedle and ran the asset management practice at McKinsey.
In line with the merger with L1 Capital, the combined firm is now known and listed on the ASX as L1 Group.
Although he has stepped down from the leadership role, he will remain with the group until mid-2026 in a transitional period.
In his place, L1 Group has appointed Julian Russell, formerly chief executive of vehicle management company FleetPartners and was formerly co-head of financial institutions at UBS Investment Bank.
L1 Group chair, Guy Strapp, said, “On behalf of the L1G board, we would like to thank Jeff for his significant contribution to the company. He has played a key role in stabilising clients and restructuring the business, positioning the company for the merger with L1 Capital, and for the future.
“Julian has a demonstrated track record managing through integration, complexity and change, while concurrently delivering shareholder value by executing on growth opportunities, efficiency programs and disciplined capital allocation.”
Russell said: “It is an honour to be appointed as L1 Group’s CEO and managing director, an outstanding business that I have admired for many years. The platform is well positioned with many material growth opportunities ahead.
“We have an exceptionally talented team, strong client relationships and a great performance track record across our funds. I look forward to working with our team, clients and partners to continue building on the group’s momentum. We will remain focused on putting investors first to drive the best shareholder outcomes.”
