The Dreyfus Corporation said today that it has closed a mid-cap value product to new investors.
Dreyfus said in March of last year that it would close its Midcap Value Fund to new investors once the fund attracted $1.4 billion in assets. Since, the funds assets have more than doubled from $632.3 million.
The move is intended to ensure that portfolio managers can easily allocate assets in stocks with smaller capitalizations, a typical reason for closing such funds to all but current shareholders.
The funds official close date was Jan. 7. Those holding shares in the fund as of that date will still be able to invest in the vehicle, Dreyfus said. In addition, participants in group employer retirement plans that currently offer the fund can open new accounts in the product.
The New York-based firm oversees about $180 billion in assets.