ainStay Funds will reopen the MainStay Convertible Fund on March 29th
, closed since 1997, to new investors.
The fund was closed to new investments in June 1997. Existing shareholders were allowed to purchase additional shares. The current assets under management total approximately $700 million, down from $840 million at the end of 1997.
The fund's performance put it in the bottom 5% of its category in 1997, according to Morningstar, but the fund has recently rebounded, with its year to date return placing it in the top quartile of its category.
"The convertible market was limited in terms of the investment opportunities available at the time of the closing." said a company spokesperson, "Management can better put cash to work in the present market."
The fund is managed by Denis Lapaige
, Neil Feinberg
, and Thomas Wynn
of MacKay Shields Financial Corp.
, the fund's subadvisor, an indirect wholly owned subsidiary of New York Life
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