Reuters: Financial Services and Real Estate: Vanguard closes junk bond fund to new investors

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Vanguard closes junk bond fund to new investors May 24th 2012, 19:22 Thu May 24, 2012 3:22pm EDT May 24 (Reuters) - Vanguard Group said it was closing its $16.9 billion High-Yield Corporate Fund to most new accounts effective immediately, marking the latest junk bond manager seeking to shut off a flood of cash from investors. Customer flows into the fund "have been particularly acute, so we are taking these proactive steps to preserve the ability of the advisor to manage the fund effectively and protect the interests of existing shareholders," Bill McNabb, chief executive of Valley Forge, Pennsylvania-based Vanguard, said in a statement on Thursday. Baltimore-based manager T. Rowe Price Group closed two of its junk bond funds to new investors as of April 30, also citing a surge of cash.

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