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Thursday, April 13, 2006

Fidelity To Close Two More Funds

by: Armie Margaret Lee

Two more funds from Fidelity Investments are shutting their doors to new investors at the end of the month. The Growth Company Fund and Mid-Cap Stock Fund will close to new accounts on April 28, the Boston-based fund giant said on Thursday.

"Both of these funds have seen accelerating investor cash flows in recent months, and we believe that it's in the best interests of shareholders to close them at this time," said Bruce Herring, chief investment officer overseeing the growth, value, small-cap and mid-cap groups for Fidelity Management & Research Company in a news release.

The $29.9 billion Growth Company Fund has been managed by Steven Wymer since 1997, while the $14.4 billion Mid-Cap Stock Fund has been run by Shep Perkins since 2005.

Two weeks ago, Fidelity announced that it is closing its Contrafund and Advisor New Insights Fund to new accounts on April 28. 

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