Numeric Investors has shut its four mutual funds, with $455 million in assets, so that it can focus on institutional and wealthy clients, for whom the firm runs $13 billion, The Wall Street Journal reports.

The funds were notable not only because they were top performers among their peers but also because they used a fee structure normally reserved for hedge funds.

The Securities and Exchange Commission censured Numeric in September, however, for miscalculating the fees on its mutual funds, charging customers more than it should have.

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