In California, an asset management boutique is soft closing its second biggest mutual fund, a bond fund, to new investors.

Abhijeet V. Patwardhan First Pacific Advisors, LP Partner, Portfolio Manager

Yesterday the FPA team revealed that they will close the $7.8-billion FPA New Income Fund to new investors. (Los Angeles-based FPA overall has about $23 billion in AUM.) The change is scheduled for the end of the month. And the fund will remain open to new investments from existing shareholders.

FPA New Income is the eight biggest bond fund in the short term bond fund space, Citywire reports.

Assets in the fund, launched in 1984, have risen nearly ten percent since the end of March. The fund is PMed by Thomas Atteberry and Abhi Patwardhan, who also PM the FPA Flexible Fixed Income Fund (which remains open, even to new investors). 

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