Platinum global shares fund to shutter

Platinum Asset Management is set to bid farewell to one of its funds, after a year of outflows.

The MLC Investment Trust MLC Platinum Global Fund was closed to new investments in 2004.

It is now headed for a termination, after a decision taken by MLCI as the responsible entity.

"The fund has been closed to new and additional investments since September 2004. This has resulted in the fund size decreasing to a level where it is expected that this will result in escalating costs associated with the management and administration of the fund," MLCI said in a letter to investors.

The fund has $48 million in assets and feeds into the $812 million MLC platinum Global Fund.

Investors will be allowed to make redemptions until January 7 2020.

After this, MLC will start to wind down the assets and stop charging the fees.

Platinum Asset Management had $24.8 billion in assets under management at the end of 30 June 2019, roughly 73% of which is from retail clients.

It reported $299 million in revenue for FY19, down from $353 million last year.

Read more: Platinum Asset ManagementMLC Platinum Global Fund
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