OppenheimerFunds is closing its Oppenheimer Developing Markets Fund (ODMAX) to new investors on April 12, Money Management Executive has learned. The 5-Star rated fund managed $33.5 billion as of March 11, according to Morningstar.
The fund is managed by Justin Leverenz, Director of Emerging Markets Equities at OppenheimerFunds.
“In an effort to continue to help provide our shareholders with a long term strategy of success with Oppenheimer Developing Markets Fund, we are announcing limitations on certain investor purchases to the fund,” according to Kaitlyn Downing, a spokesperson for the firm, in an e-mail statement to MME.
“We believe these new limitations will help position the fund for continued sustainable long term growth.”