Emerging markets have emerged too far for William Blair Funds
. The Chicago-based fund advisor said Monday that it is closing its Emerging Markets Growth Fund
to new investors at the end of September. Fund officials explained that the fund had grown too large to keep open.
"Portfolio Managers Jeff Urbina, Todd McClone, and George Greig now manage almost $2.0 billion in the emerging markets growth strategy, which includes the fund and separately managed accounts. Limiting the total amount of assets in this investment strategy will prevent the size of the assets under management from diluting the portfolio managers' effectiveness," explained Marco Hanig
, president of the William Blair Funds.
The fund is just more than a year old, having opened on June 6, 2005. The fund's final day of availability for new shareholders will by September 29. It will remain open to additional investments from existing shareholders.
William Blair & Company advises 15 funds with more than $11 billion in assets.
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