Mutual fund death toll so far this year: 35

Mutual fund liquidations this year are already nearly double what they were by this time in 2008.
MAR 10, 2009
By  Bloomberg
Mutual fund liquidations this year are already nearly double what they were by this time in 2008. As of March 5, 35 funds have been liquidated, compared to 19 last year and 16 in 2007, according to Chicago-based Morningstar Inc. Many funds, already hit hard by the markets, have experienced heavy redemption requests from investors moving to cash and other safe havens. Several liquidations are set to occur in the next couple of months. Lazard Asset Management LLC of New York has filed with the Securities and Exchange Commission to liquidate the $5 million Lazard Global Equity Income Fund (LGEIX). Launched in April 2008, the fund will liquidate March 30. Year-to-date through March 6, the fund posted a loss of 22.33%. The Alger Technology Fund (SPETX) will liquidate April 30. The fund, launched Sept. 1, 2000, by Fred Alger Management Inc. of New York, has $350,000 in assets. Year-to-date through March 6, the fund reported a loss of 12.5%. And just last week, E-Trade Financial Corp. of New York announced the liquidation of its series of proprietary index funds.

Latest News

Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B
Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B

The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.

RIA moves: RWA Wealth Partners strengthens leadership as $8B Procyon widens Northeast footprint
RIA moves: RWA Wealth Partners strengthens leadership as $8B Procyon widens Northeast footprint

The Dynasty Financial partner firm's latest deal in Connecticut adds roughly $600 million in client assets.

Cetera names Richard Vogel to lead Cetera Advisors community
Cetera names Richard Vogel to lead Cetera Advisors community

The giant broker dealer and RIA overseeing roughly $554 billion in AUA has appointed a Merrill and BofA alum to support advisor growth.

Robinhood in talks with regulators over tokenized US equities
Robinhood in talks with regulators over tokenized US equities

Firm's CEO is confident SEC can approve without legislation.

Five-person Raymond James team jumps to Janney in Maryland
Five-person Raymond James team jumps to Janney in Maryland

The group led by a 37-year industry veteran brings $470 million in assets to the Philadelphia-based broker dealer.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.