Platinum fund capped on poor performance

The October 2004 launched Platinum Premier fund will temporarily close to new investment after 31 March 2005. This is due to over $70m being taken in the last three months and City Fund Management, the underlying manager, having its first losing months in five years in December and January – an aggregate 0.5%. Craig Reeves, managing director of Platinum, said: "The performance issue was due to a general lack of volatility in the market over that time period." The temporary closure will enable Platinum and City Fund Management to absorb the funds and add capacity for future investment. ...