The closed-end fund industry has gained added evidence to marshall in proxy fights when institutional investors press to open closed-end funds.

An Investment Company Institute survey has found that the typical closed-end fund shareholder has a median annual household income of $56,000 and median household assets, including retirement savings, of $250,000. The survey also suggested that an overwhelming majority of closed-end fund shareholders were long-term investors rather than arbitrageurs looking to take advantage of inefficiencies in closed-end fund pricing. Approximately 2.3 million households owned closed-end funds last year, according to the ICI.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.