Garzarelli to close, liquidate mutual fund for small investors

November 09, 1997|By BLOOMBERG NEWS

WASHINGTON -- Elaine Garzarelli is closing down her tiny mutual fund, ending a brief foray into money management for small investors.

The well-known institutional money manager asked her board of directors earlier last week to close the Garzarelli Balanced Fund and liquidate its $2 million in assets. The board unanimously agreed, and the liquidation is effective Dec. 10.

The fund generated a 22.3 percent return between March 31 -- its date of inception -- and Monday, according to a letter Garzarelli sent to fund shareholders. However, the fund didn't attract many investors -- it was mainly Garzarelli herself and friends who had money in it -- and Garzarelli said she lacked the time needed to market its shares.

Pub Date: 11/09/97

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