ARIVX Open To New Investors? Not, Practically, Quite Yet...

Charles

My buy order of two days ago continues to be stalled at Schwab:

"This fund is closed to new investors. Only accounts which currently have a position in this fund may place a buy order at this time."

I've called Aston Funds and, after some digging, they confirm the ARIVX fund has reopenned as of 9/4. Only, apparently they forgot to notify and update their contracts with the brokerage houses, like Schwab.

Good grief.

kbeachy46

Same thing goes at Scottrade. Aston claims to have sent a file to Scottrade reflecting the open status. Scottrade claims they check for updates daily and did not receive it yet. I bet there is a bit of the human element involved here somewhere along the way.

VintageFreak

Sometimes funds open but only to direct investors. However, then that's explicitly mentioned in the announcement of fund opening. In ARIVX announcement there's no indication fund will not be available at brokerages. Then again, it does not say it will.

Let's hope for the best.

TheShadow

One screen at TDA for mutual fund families indicates ARIVX is "closed"; however, the trading screen, once the symbol is typed in, has information on the fund that indicates it is "open".

JimJ

I was able to purchase shares at TDAmeritrade and Fidelity on the 4th

Derf

I'll take the other side. I'm waiting for a better buy point!

Have a good weekend, Derf

mrc70

I bought it at TDA.

Derf, the mgr is already holding 50% of cash in the fund. He is already doing what you intend to do.

VintageFreak

Still not possible to buy at Schwab. Charlie needs a free subscription to MFO
The stupidest thing is tell me when I click "Buy" not AFTER I put in $2500.

I think MFO programmers need to provide paid consultation to Schwab.