L1 Group has appointed James Allaway as its new chief financial officer (CFO), succeeding Andrew Stannard.
Allaway will join the Melbourne-based role in September from ASX-listed vehicle management company FleetPartners, where he is currently serving as chief strategy officer. He was previously a senior financial banker at UBS.
Commenting on the appointment, L1 chief executive and managing director Julian Russell said Allaway brings a “rare combination” of financial, strategic and operational expertise, with a strong track record across M&A, capital markets and corporate strategy.
“I am delighted to welcome him into our team and look forward to working with him as we continue to execute on our growth strategy,” Russell said in an ASX announcement on 9 June.
Allaway is set to replace outgoing Stannard later this year, with Stannard initially moving into an advisory role to support the transition before leaving the company in early 2027.
Having served as finance director of Platinum Asset Management since 2015, Stannard became L1’s CFO following the merger of the two firms in October last year, creating the $17.6 billion fund manager.
During his tenure, he oversaw both the Platinum finance and operational functions and led the successful integration of the two businesses’ finance functions.
Russell said: “Andrew has made a significant contribution to both Platinum and L1 Group. His leadership through the merger and his financial management of the business have been outstanding. On behalf of the Board and management, I thank Andrew for his contribution and commitment and wish him every success.”
Like Allaway, Russell has also worked at both UBS and FleetPartners, serving as co-head of financial institutions at UBS Investment Bank and as chief executive of FleetPartners until late 2023.
Since the L1 Capital–Platinum Asset Management merger late last year, L1 Group has launched its L1 Gold Fund (LGF), having raised $950 million before its 24 April listing.
According to the firm, LGF seeks to provide investors with access to an actively managed portfolio focused on international gold securities plus opportunistic investments in precious metals.
Back in its half-year results in February, L1 Capital said it was pursuing growth through extension strategies using existing teams, expanding existing funds, acquiring investment managers, and forming new joint ventures.
“We have $250 million in cash and $300 million in seed investments, which will provide us with the firepower to support a range of organic and inorganic options in front of us, including two new fund launches in calendar year 2026,” Russell said at the time.
“As you might expect, a number of these pathways are very active and we have the balance sheet now to provide us with flexibility on all fronts.”
