Stanley is planning to fold another three funds with more than $280 million of assets. The wirehouse disclosed its plans for the Morgan Stanley Equity
, New Discoveries
and Next Generation
funds in a filing with the SEC yesterday.
The moves are not the first time that Morgan Stanley has announced plans to trim its fund roster after aggressively expanding in 2000. Already this year it has moved to merger four growth mutual funds into other offerings.
Based on the filings, Morgan Stanley officials have decided that the seven funds have limited potential for growth and that it will be more cost effective to join the assets.
This time, the Morgan Stanley Equity fund, which has $127 million in assets, will be folded into the Dividend Growth fund. Meanwhile, the $139 million Morgan Stanley New Discoveries fund and the $20 million Morgan Stanley Next Generation fund will both become part of the Developing Growth fund.
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