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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
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Friday, February 15, 2008 Evergreen to Restrict Entry into a Global Fund Evergreen Investments plans to close the Evergreen Global Opportunities Fund to new investors at the close of business on April 15. The Boston-based investment management arm of Wachovia Corp. will also no longer accept new institutional investors into separately managed accounts for the international small cap strategy starting April 16. Evergreen CEO Dennis Ferro said the level of assets in the international small cap strategy, which makes up a significant portion of the fund, is nearing capacity. The fund had $704.4 million in assets at the end of 2007, with an additional $673.1 million in separately managed accounts. Company Press Release February 11, 2008 BOSTON — Evergreen Investments today announced plans to restrict the opening of new accounts in Evergreen Global Opportunities Fund (EKGAX) after the close of business on April 15, 2008. Existing shareholders, including retirement plan participants currently invested in the fund, may continue to add to their accounts. In addition, Evergreen Investments will no longer be accepting new institutional investors into separately managed accounts for the international small cap strategy after April 15, 2008. Evergreen Global Opportunities Fund, co-managed by Francis Claro and Donald Bisson, seeks to provide long-term capital growth by investing at least 65 percent of its assets in equity securities of issuers located in at least three countries, which may include the United States. “The level of assets in the international small cap strategy, run by Francis Claro and comprising a significant portion of Evergreen Global Opportunities Fund, is nearing capacity,” said Dennis Ferro, Chief Executive Officer for Evergreen Investments. “In order to preserve Francis’ ability to seek opportunities for excess return across a range of accounts—including existing commitments to institutional investors—we have determined it is in the best interest of the current shareholders to close the fund to new accounts.” As of December 31, 2007, Evergreen Global Opportunities Fund had $704.4 million in assets, with an additional $673.1 million in separately managed accounts. About Evergreen Investments Evergreen Investments is the brand name under which Wachovia Corporation (NYSE:WB) conducts its investment management business. Wachovia Global Asset Management is the brand name under which Evergreen Investments conducts sales and distribution business outside of the United States. Combined, the groups serve more than four million individual and institutional investors through a broad range of investment products. Led by more than 300 investment professionals, Evergreen Investments strives to meet client investment objectives through disciplined, team-based asset management. Evergreen Investments manages more than $274 billion in assets (as of December 31, 2007). For more information on Evergreen, please visit EvergreenInvestments.com. Printed from: MFWire.com/story.asp?s=17430 Copyright 2008, InvestmentWires, Inc. All Rights Reserved |