Bringing you live news and features since 2006 

Vanguard closes convertible securities fund to new accounts

RELATED TOPICS​

Vanguard has closed the Vanguard Convertible Securities Fund to new accounts and placed a USD25,000 annual investment limit on current retail accounts.

‘The board of directors regularly monitors cash flow into Vanguard’s funds and takes action when assets reach levels that could impede advisers’ ability to implement their investment strategies effectively,’ says Bill McNabb, Vanguard’s chief executive. ‘We believe that the Convertible Securities Fund closure is prudent in light of strong recent cash flow, coupled with a limited supply of new issuance in the US convertibles market.’

In the past five months, the fund’s assets have nearly doubled, rising from USD867m to USD1.5bn through a combination of net cash flow and market appreciation.

The decision to close the fund was made in consultation with the fund’s investment adviser, Oaktree Capital Management of Los Angeles. Oaktree has managed the fund since 1996.

Five other Vanguard funds are currently closed: Vanguard PrimeCap Fund, Vanguard Capital Opportunity Fund, Vanguard Admiral Treasury Money Market Fund, Vanguard Treasury Money Market Fund, and Vanguard Federal Money Market Fund.

Latest News

Figment Europe, a provider of institutional staking infrastructure, writes that it is solidifying its presence in the heart of Europe’s..
Saving and investing app, Moneybox, has doubled the number of ETFs available on the platform, in the light of ‘growing..
Global X ETFs has announced the appointment of Ryan O'Connor as its Chief Executive Officer effective as of April 8, 2024. ..
Value-driven structured credit investing firm, Angel Oak Capital Advisors, LLC, has announced the completed conversions of two of its mutual..

Related Articles

Jigna Gibb, Bloomberg
Bloomberg Indices has recently hired Jigna Gibb as Head of Commodities and Crypto Index Products, to lead its commodities and...
Robert Minter, director of ETF investment strategy at abrdn takes a look at passive investing in commodities and shares his...
Ryan McCormack, Invesco
This year sees the 25th anniversary of Invesco’s QQQ, the USD240 billion ETF – the fifth largest ETF in the...
ETFs
The European ETF market achieved a record 28 per cent growth – reaching over USD1.8 trillion assets under management (AUM)...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by