Mayfair has been forced to settle a trademark dispute launched over the use of the word “platinum”.
Mayfair 101 will cease using the “Mayfair Platinum” brand on 30 June following a legal battle with Platinum Investment Management Limited, which commenced proceedings in the Federal Court against the group for alleged trademark infringement in early 2020.
“We have held the strong view that ‘platinum’ is a descriptive word and should never have been allowed to be trademarked,” said a spokesperson for Mayfair. “That said, Platinum Asset Management holds a leading position in the funds management industry in Australia and we are respectful of the work Kerr Neilson and his team have put into developing their brand.”
The settlement marks the end of a stoush that saw Mayfair 101 question the performance of Platinum Asset Management’s investment team and appoint Matthew Darke, who represented Westpac during the royal commission, to lead its cross-claim. Mayfair Platinum’s investors will become clients of Mayfair 101 and the investor relations team will represent Mayfair 101 moving forward.
“Mayfair 101 Group aspires to represent the new generation of investing however that means we must also be mindful of those who have staked out their territory before us,” said Mayfair managing director James Mawhinney. “We are glad to put this matter behind us and wish Platinum continued success with their brand.”
Mayfair 101 is also battling its trustee, Vasco, in an unrelated matter that has seen receivers from Dye & Co appointed to one of Mayfair’s funds after it missed repayments.
“It is complete madness to be appointing receivers in the COVID-19 environment,” said Mr Mawhinney. “The only people that will win out of this [are] Dye & Co and Vasco, which is not in the best interests of IPO Wealth’s investors.
“The receiver appointed clearly has minimal understanding of the asset classes IPO Wealth Holdings has invested in and we hold grave concerns that their actions will now cause a loss of capital for the IPO Wealth Fund’s investors.”
Mayfair has since convened a meeting of unitholders to discuss the fund’s future.
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