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Fidelity Reopens Magellan Fund After 10 Years
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Fidelity Investments [FMAGX
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] said Monday that the mutual fund giant would allow new investors to put money into its Magellan stock fund again this week, after the fund had been closed for more than a decade.
Magellan, which once ranked as America's largest stock fund, stopped taking money from new investors in September 1997, when executives thought it had grown too large.
Harry Lange, who has been managing the portfolio since 2005, has long argued that the fund should be reopened.
Copyright 2009 Reuters. Click for restrictions.
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