Fidelity Opens Magellan Fund Again

Boston-based Fidelity investments will reopen its flagship Magellan Mutual Fund to new investors today. It has been closed since 1997.

The company has been stung as people reaching the retirement age pull out of the fund. Magellan has $45 billion in assets, which is half as much as its peak.

Managers close funds when they become too big to manage.