Good evening,

Platinum Investment Management’s announcement that an unnamed institutional investor had pulled $985 million from its funds sent its shares tumbling almost 7 per cent on Tuesday.

Street Talk has the word on who pulled the mandate and where the funds have gone.

This column understands Colonial First State First Choice was behind the termination and has shifted its funds to Vinva Investment Management.

Read the full story: The client that yanked $1 billion from Platinum revealed

Read the full story tomorrow and more on the Street Talk page.

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• Project Bumblebee: Spark NZ talks up big growth amid data centre sale
• Spheria pushes for M&A ban at Deterra Royalties; threatens board spill
• Morgans′ long-serving CEO John Clifford passes on the baton
• One in, one out: Nomura pinches JPMorgan managing director
• William Buck recruits ex-St George boffin as inaugural chief economist
• Echo IQ launches placement to fund commercialisation efforts

• Ross Pelligra plans $1 billion property play for Perth Glory
• Regal says Platinum business a ‘melting ice cube’
• What investors are really talking about at the Macquarie conference

New Zealand’s demand for data centres is expected to grow more than five times in the next five years from 71 megawatts to 368MW – of which Spark NZ stands to command a “reasonable market share”, thanks to its 140MW planned capacity, deep client relationships, and access to power and land.

The sharemarket closed lower in a volatile session as an ongoing sell-off in Australian banks and disappointing trading updates from Sigma Healthcare and WiseTech outweighed wider gains.

Click here for the latest equity market wrap.