Facing a tough market environment, greater regulatory scrutiny and rising costs as a result of new rules, more mutual funds are closing their doors these days, The New York Times reports. In the past two weeks, the WWW Internet, Growth Flex, Market Opportunities and Oakmark Small Cap funds have all decided to shut their doors.
"Its refreshing to see a board do the right thing," commented Russell Kinnel, director of fund research at Morningstar. "It may be another sign that Eliot Spitzers campaign is having an effect."
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.