Released: November 16, 2008

Closed funds now open to new investors

Source: Eileen Ambrose, Baltimore Sun (Free Registration)

For more than 25 years, the highly regarded Sequoia Fund was closed to new investors. But this past spring, the mutual fund once again flung open its doors to bring in more assets.

Sequoia has plenty of company. As stock prices fall and redemptions rise, many mutual funds that were off-limits for years are suddenly open.

A year or so ago, about 200 out of the 7,000 U.S. mutual funds were closed, says Russel Kinnel, director of mutual fund research at Morningstar Inc. Now, it’s about 40 or 50.

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