Wall Street Has Culled Some 1,000 Mutual Funds in Past Decade
- Fund closures have outpaced new launches for nearly nine years
- Assets, new strategies have gravitated toward ETFs instead
This article is for subscribers only.
Mutual funds are being extinguished at a faster pace than new launches as trillions of dollars continue to drain from the products in favor of exchange-traded vehicles.
While 95 new mutual funds have debuted this year, 123 have already shuttered, according to Morningstar Inc. data through Monday. If the trend continues, it would be the ninth straight year of net closures, with more than 1,100 funds liquidating over that span.