Water Island Capital's [profile] Arbitrage Fund will reopen to all investors on March 15 [SEC filing].

The fund has not been taking in money from new investors since July 19, 2010. It currently has AUM of $2.9 billion, according to Morningstar.

Manhattan-based Water Island Capital runs one other mutual fund, the $28.4 million Arbitrage Event-Driven Fund. That fund launched in 2010. 

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