MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, May 17, 2004 Vanguard Closes Third Fund This Year Vanguard added its Convertible Securities Fund to its list of closed funds on Friday. The fund joins the Capital Opportunity Fund and the PRIMECAP Fund, both of which were closed in March 2004. New retail investors and new money from existing retail investors are now locked out from the fund. The Convertible Securities Fund grew by 128 percent, from $481 million in assets to $1.1 billion in assets in the past year. The growth includes appreciation and net flows. A spokesperson was not immediately available to comment on the net flow-only increase. Vanguard funds' total assets under management increased by $184 billion from March 2003 to March 2004, surpassed only by the Capital Group's American Funds $207 billion, according to data from FRC. "[I]t was clear that continued strong cash flow, coupled with market appreciation, could make it increasingly difficult for the advisor to implement its disciplined, bottom-up approach in selecting convertible securities," said John J. Brennan, Vanguard chairman and chief executive officer. Los Angeles-based Oaktree Capital Management has subadvised the fund since 1996. Vanguard said the decision was made in conjunction with the Oaktree. Printed from: MFWire.com/story.asp?s=7210 Copyright 2004, InvestmentWires, Inc. All Rights Reserved |