Wells Fargo US All Cap Growth fund to close to new investors

The Wells Fargo Asset Management US All Cap Growth fund is set to close 21 September following strong inflows that have made it more difficult to engage in efficient allocation to the small cap element.

Instead, Wells Fargo AM will be offering new investors access to the US Premier Growth fund, which is run by the same management team, but with a focus on large and mid cap stocks only.

Both funds are offered as sub-funds to the Wells Fargo Luxembourg based Worldwide Fund Sicav. The US All Cap Growth fund has attracted some $550m in investments thus far.

A note from the Sicav board outlined the only investors who will be able to continue investing in the sub-fund are:

   – Existing investors.
   – Existing investors who may wish to open a new account in the name of a subsidiary, branch or affiliated entity.
   – Existing fee-based investment products and/or existing fund wrap programs (through a platform or sub-distributor) that currently use the Sub-Fund in model portfolios are eligible to add new accounts within such existing products or potential new products.
   – For purposes of this exemption, eligible model portfolios are limited to those that are administered by a home office.
   – Financial investment advisers who currently offer shares of the Sub-Fund in their
asset allocation programs (these advisers are eligible to add new accounts).
   – Investors who confirm indication of interest to invest in the Sub-Fund on or before 21 September 2012 and who have submitted a subscription application to the Transfer Agent, The Bank of New York Mellon (Luxembourg) S.A., no later than the close of business 28 September 2012.

The note added that the changes would have no effect on the fund’s investment objectives, policies or strategies, and would not lead to an increase of fees “to be borne by the Sub-Fund”.


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