Wells Fargo Asset Management is to soft-close a small cap growth fund in the coming months.
The $1.8 billion Wells Fargo Small Company Growth fund will be closed to most new investors beginning on July 31 of this year, according to a Securities and Exchange Commission filing.
Peregrine Capital Management was a wholly-owned subsidiary of Wells Fargo from 1984 until 2016, when it became a fully independent firm.
The fund was launched in 2008, however Kuster has managed the underlying strategy since 1994 and Hagen since 2003. Additionally, Grierson and Ross have managed the strategy since 2005.
The fund has slightly trailed other offerings in its sector, returning 23.2% over the last three years, in comparison to the average fund's 24.6%, over the same period.
‘Closing the fund to new investors at this point is intended to allow the portfolio management team to continue to effectively manage the fund over the long term,’ said a spokesman for Wells Fargo Asset Management.