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Friday, August 08, 2008

Pax is Shuttering a Fund

by: Erin Kello

Pax World is shuttering its money market fund. The New Hampshire Business Review reports that the company made the decision because the fund's assets of $121 million were not high enough to turn a profit for the fund's advisor, Pax World Management Corp, nor the fund's sub-advisor, Reich & Tang Asset Management. As of August 29, shares of the fund will no longer be available.

Pax was also recently in the news for allegedly violating some of the SRI guidelines it set out in its prospectuses.  

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