Hotchkis & Wiley Capital Management
appears to have all of the customers that it wants. After tomorrow, the Los Angeles-based will close the last of its five funds to new investors.
The firm's Core Value Fund
invests in domestic companies with large capitalization, usually over $5 billion. It had roughly $1.3 billion in assets as of February 28, and is managed by Patty McKenna
, Sheldon Lieberman
, and Joe Huber
The closure was announced in a supplement to company prospectuses released last August. No specific reason for the action was specified.
Additional investments will be allowed from current shareholders of the fund, and from participants in retirement plans that offer the fund as an option.
"The ability to exchange among the Funds is now very limited since all Funds either are closed or very limited as to the new accounts that may be opened," said the supplement. While the company may reopen the fund at a later date, Hotchkis & Wiley has "no present intention" to do so.
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