Closed-end funds, the has-beens of the mutual-fund world, are getting a chance for a second life. The flood of investment dollars into low-cost index funds has challenged many of Wall Street’s most expensive offerings, few more so than closed-end funds. In the decade after the financial crisis, assets under management doubled in stock and bond mutual funds but remained stagnant in closed-end funds, where the total in July stood at $254.7 billion. Annual average new-issue volume, meanwhile, fell from $13.2 billion in the decade...

Source: Wall Street Journal September 08, 2020 00:33 UTC