Driehaus Imposes Redemption Fee
July 24, 2000
Driehaus Capital Management of Chicago, adviser to the five no-load Driehaus Mutual Funds, will impose a two percent redemption fee on each of its five funds for shares purchased after July 31 and redeemed within 60 days. The new redemption fee was disclosed in an SEC filing July 10.
Executives at Driehaus were not immediately available for comment. But stellar 1999 performance for all of the funds may have attracted "hot" money to the funds.
The Driehaus Asia Pacific Growth Fund gained 265 percent last year, according to Morningstar of Chicago. The Driehaus International Discovery Fund gained 214 percent in 1999. The Driehaus International Growth Fund returned close to 99 percent in 1999.