Close scraps commodities fund days before launch

The firm says “general market sentiment and the sub-prime issue” means there has been insufficient demand for it to proceed with the fund, which was set to go live on Friday. Roland Kitson, sales and marketing director at Close, says the decision will in no way affect the rest of the firm’s Commodities range, which include the £65m Close Enhanced Commodities fund, adding Close may revisit the abandoned trust in the New Year. He was unable to disclose the amount of investment it had received to date in the product. The offer closed on Monday. “We have decided not to proceed,” Kitson told ...