Simple - because:
- Some advisers collect legacy commissions after having made recommendations a long time ago and those clients trust their adviser (rightly or wrongly), so those advisers don't want to recommend a switch as it would mean losing a lucrative income stream
- Some investors who invested in Platinum at inception are still enjoying healthy returns and don't want to redeem as it will trigger a substantial CGT event. This is a very fair reason - if you're enjoying good returns by investing at the right time, what does it matter? Hard to complain about 12% annual returns since 1995
- Some investors received large inheritances via Platinum fund units and probably don't know what to do, so they just keep it
- Some investors simply couldn't give a toss
- Some investors believe in Platinum
Ann: On-Market Share Buy-Back, page-22
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