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Trading a mutual fund in one of our accounts, there are 5.

I want to buy a fund only available to existing shareholders but If I own the fund in one of the accounts, doesn't that apply to
all the accounts or just the account that hold the fund?


  • @ Its called a soft close, if your are presently a shareholder in Fund XXXX, you can purchase additional shares regardless of the account.
  • My experience has been that the restriction applies to each account, so if I don't own the fund in an account I can't buy it once closed even if I own the fund in another account at the same broker. At the same time, I have asked for exceptions so I can buy a closed fund in my IRA that I only own in a taxable account. In some cases that has worked, in others not and it has appeared that it's the fund making the decision rather than the broker deciding what's reasonable.
  • Are the accounts in which you wish to purchase the fund taxable accounts or deferred?
  • You just have to demonstrate that you own the fund.
  • It will vary fund by fund. Some are OK with it and some are not.
  • I own RPHIX in a non-taxable account and wanted to purchase it in an IRA account. I got this response a couple of years ago from RiverPark when I asked:

    "Unfortunately we can’t make an exception here. Since we implemented the second “soft” close in November we have been flooded with requests from shareholders that own the fund in one account and would like to open up IRAs or joint accounts or 401(k)s and we have been forced to say no just so we didn’t defeat the purpose of the tightening and continue to get flows that were so large that it would make the fund hard to manage…I hope you understand."

    Matt Kelly
    Chief Marketing Officer
    RiverPark Funds
  • The user and all related content has been deleted.
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