MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, March 20, 2000 Vanguard Tries Cooling-Off Period The world of fund flows often seems like it's all or nothing these days -- hot niche funds can't keep up with all the new cash, while many of the older traditional funds simply sit stagnant and slowly bleed off assets. Of course, nothing lasts forever, but Vanguard Group is one of the those with problems many fund companies would die for.
The firm's CEO, John Brennan, said that despite the "substantially higher minimum initial investment" for new accounts that was imposed in September 1999, which he hoped would be an effective means to curb rising inflows, the fund "has continued to attract a remarkable amount of cash flow and new accounts." Brennan added that net cash inflow into the fund in the first quarter of 2000 alone was nearly double the amount of cash flow it had received during all of 1999. No new account applications or exchange requests to purchase shares will be accepted in the fund as of the close of business today but existing shareholders will be permitted to add a maximum of $25,000 per year to their existing accounts. Printed from: MFWire.com/story.asp?s=25604 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |
