CLOSE Investments has scrapped its Agricultural Commodities Trust just days before it was due to go live.
The firm said "general market sentiment and the sub-prime issue" meant there had 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, said the decision will in no way affect the rest of the firm's Commodities range, which include the £65m Close Enhanced Commodities fund, and added 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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
