William Blair Funds is closing the William Blair Value Discovery Fund to new investors, the firm announced today. The fund will close on March 28.

The separate account product run by the Value Discovery Fund’s management team will also be closed to new investors, the firm said. The fund will remain open for existing fund and separate account investors.

Although the fund has only about $150 million in assets, its management team handles another $850 million in assets outside the fund, according to Marco Hanig, president of William Blair Funds.

"The portfolio management team for the Value Discovery Fund now manages almost $1 billion in small cap value assets, of which the Fund represents approximately $150 million, Hanig said. "Limiting the total amount of assets under management will enable the fund management team to do the best possible job of selecting investments for the Fund's portfolio."

William Blair Funds had a total of $2.6 billion as of Dec. 31, 2001.

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