Fund Openings, Closings, Manager Moves: Eaton Vance Adds Redemption Fee to Biotech Fund

The volatility in biotech of the last couple of weeks seems to have rattled Eaton Vance more than some of the stocks in the sector.

The Boston-based fund family says it's going to slap a 1% redemption fee on its $184 million ( ETHSX Quote)Worldwide Health Sciences fund to "deter hot money coming in and out," says a spokeswoman. The fee will be imposed on investors who stay for less than three months.

That fee comes on top of an already hefty 1.69% annual expense ratio for the broker-sold offering. The average domestic stock fund charges expenses of just 1.44%, according to Morningstar. ...