Vanguard Group announced the reopening of the $120.3 billion Vanguard Wellington Fund.
The reopening is effective Thursday, spokesman Freddy Martino said in an email. It is Vanguard's oldest mutual fund and the nation's oldest balanced mutual fund, and it has been subadvised by Wellington Management since its inception in 1929.
The Vanguard Wellington Fund had been closed to new accounts from institutional investors or financial advisers since March 2013. A spokeswoman for Vanguard said at the time that "reducing cash flow is necessary to preserve each investment adviser's ability to produce competitive long-term returns for current shareholders."
Improved fund liquidity and capacity were cited as reasons for the reopening of the fund, according to a news release Thursday.
As of June 30, Vanguard Group had $8 trillion in assets under management.
