In the Margins

Natixis liquidates 48-year-old fund

February 24, 2016

By Reuters

One of the mutual fund industry's oldest funds went out of business last week when Natixis Global Asset Management liquidated its CGM Advisor Targeted Equity Fund. The fund was started in 1968 as the New England Growth Fund and was overseen for most of years by portfolio manager  Kenneth Heebner, a contrarian investor who scored some of the industry's biggest gains and losses. "This is a loss of an oldie," Jeff Tjornehoj, head of Americas research for Lipper. "There are not many funds that approach their 50th anniversary and drop dead just before it." Read the original story from Reuters.



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