Following a trend in the small-cap fund sector, AIM Advisors, Inc. a subsidiary of AIM Management Group, announced today that it will close its small-cap growth fund March 18. The fund had approximately $1.1 billion in assets under management as of March 4.
The product originally closed Nov. 8, 1999, but re-opened Aug. 20, 2001 when new investment opportunities arose in the small-cap universe, the company said in an announcement. AIM will re-close the fund to maintain its ability to efficiently operate and move in and out of small-cap stocks.
AIM is one of many firms that have been forced to close their small-cap funds in order to maintain their ability to invest in small-cap stocks. In fact, over the past year, as many as 16 small-cap funds have closed to new investors, according to Chicago-based fund tracker, Morningstar [See MFMN 3/4/02].