As interest rates look to remain low for the foreseeable future, investors are searching for income, and rediscovering an old instrument: closed end funds.
The normally sleepy market for closed end funds has picked up in recent years, with 15 new closed end funds raising a total of $6.8bn from the start of this year through August, according to Cerulli Associates. That pace is set to surpass the 17 new funds that came on the scene in all of last year. For comparison, 2008 saw just two closed end funds launch.
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