The pace of closed-end fund mergers and conversions to open-ends has increased and there have been just four new launches in the past six months. “It is that much more visible because we are seeing a contraction of new funds and not seeing funds replace them,” said Cecilia Gondor, executive v.p. at Thomas J. Herzfeld Associates.
Latest figures from the Investment Company Institute show assets in the closed-end fund industry were $314.94 billion at the end of 2007 falling $10.61
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