closed its Mid-Cap Value Fund after the close of stock market Wednesday afternoon. The fund remains open to investments from existing shareholders and defined contribution participants. The fund had $8.4 billion in assets at the end of August.
, partner and director of Equity Investments at Lord Abbett said that fund was closed to maintain the integrity the fund's investment philosophy. "We are closing Lord Abbett Mid-Cap Value because it is a limited capacity product, meaning it would be increasingly difficult to manage an ever-growing asset base," Morris elaborated. "We feel that if the Fund remained available to new shareholders, we would not be acting in the best interest of clients."
This is the third product Lord Abbett has had to close, according to Morris. Lord Abbett closed both its small-cap growth (Lord Abbett Developing Growth Fund/LAGWX) and small-cap value (Lord Abbett Small-Cap Value Fund/LRSCX) funds several years ago, he said. It later opened the Lord Abbett Small-Cap Blend Fund for investors seeking a core small-cap product.
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