New York Life Investment Management
has decided to restrict access to its Mainstay Small Cap Opportunity Fund
. The fund will close to new investors on June 1.
Assets in the fund have zoomed past $1 billion last year from $299 million in 2004, according to the news release. Also, NYLIM presently manages an additional $325 million of institutional assets in separate accounts in this small cap strategy, up from $250 million in 2004.
"We believe this decision is in the best interest of existing shareholders as it will allow our investment team to manage the fund with net inflow stability," said Chris Blunt
, president of Mainstay Investments
, adding that the fund's potential reopening will be evaluated by NYLIM and discussed with the fund's board of trustees on a quarterly basis.
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