Platinum Asset Management shareholders have unanimously voted in favour of merging with L1 Capital to create a $16.5 billion entity. This means that existing Platinum shareholders will own about 26% of the new entity and 74% of it will be held by L1 Capital shareholders. L1 Capital co-founders Mark Landau and Raphael Lamm will each have a 33% stake, while Platinum founder Kerr Neilson will get 3%. The deal entitles Platinum shareholders to 100% of the management and any performance fees earned by L1 Capital, with the exception of certain performance fees generated by L1 Capital's Long Short funds and mandates. Platinum shareholders will receive "in-perimeter performance fees" relating to the first 3.5% of absolute returns generated by the L1 Capital Long Short funds and mandates.