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Rating:Montgomery Shifts Closure for Hot Fund Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, May 10, 1999

Montgomery Shifts Closure for Hot Fund

Reported by Jason Shank

Montgomery Asset Management said that its Montgomery Global Long-Short Fund will be closed to additional assets from new investors after Friday, May 21, 1999. Additional investments by existing shareholders of the fund will continue to be accepted following its closure.

"We envision the growth of this fund taking place in stages," said Montgomery's president, Mark Geist. "While the asset capacity for effectively running a fund like this is significantly greater than the size at which it is closing, we are committed to taking the more prudent path to asset growth. Our ultimate goal is to effectively manage inflows to our shareholders' advantage."

The fund was originally scheduled to close to new investors on June 30, 1999, but recent inflows prompted by investors' realization of the value of a fund not directly tied to the market prompted the fund's closing, according to a company spokesperson. The fund has had a stellar year and a half, returning 53.4% in 1998, and 28% so far in 1999.

The fund has $164 million in assets managed, up from around 70 million at the end of February. The Global Long-Short Fund carries a 2% redemption fee for assets redeemed within 12 months after purchase, and an expense ratio of 2.35%. 

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