T. Rowe Price Group closed its T. Rowe Price Emerging Markets Stock Fund and similar portfolios to new investors effective Tuesday, confirmed spokesman Bill Benintende.
A news release said investments from retirement plans that offer the funds and hold a plan name account with the funds will continue to be accepted. As of June 30, T. Rowe Price's emerging markets equity strategy had assets of $22.9 billion, and the Emerging Markets Stock Fund specifically had $10.8 billion.
"Closing the fund to new investors will protect current clients by maintaining the integrity of the overall strategy," said Gonzalo Pangaro, portfolio manager, in the news release. "Delivering excellent long-term performance is always our primary focus, and restricting inflows will preserve our ability to best invest in accordance with the objectives of the strategy. This decision reflects our commitment to current shareholders and was made for their benefit."
Mr. Pagano has managed the Emerging Markets Stock Fund, which was launched in March 1995, since March 2009.