DWS to shutter three mutual funds

DWS Investments plans to liquidate three of its 77 mutual funds on June 5, according to a filing this week with the Securities and Exchange Commission.
Its board has voted to shut down the $18 million DWS Core Plus Allocation Fund (CORAX), the $7 million DWS Disciplined Long/Short Value Fund (LSVLX) and the $23 million DWS Micro Cap Fund (SMFAX).
“We are continually assessing our product lineup in terms of flow traction and performance,” said DWS spokeswoman Mayura Hooper. “This is a normal process, and something to be expected in the industry over time.”
The funds were closed to new investors this week, except for retirement plans, which may continue to offer them to their participants until June 5.
New York-based DWS Investments is Frankfurt, Germany-based Deutsche Bank AG’s stateside retail asset management business. It had $34.8 billion in assets under management as of Feb. 28.