NEW YORK — Dreyfus Corp., a subsidiary of Mellon Financial Corp. of Pittsburgh, said Friday that it will close its Dreyfus Midcap Value Fund to new investors when its assets reach $1.4 billion.

The fund has grown about eightfold in the past year, to $640 million as of last Wednesday.

A spokeswoman said closing the fund would allow it to remain more agile in times of market volatility. She declined to say whether Dreyfus has similar plans for any of its other funds.

Dreyfus has about $150 billion of assets under management in over 195 mutual fund portfolios.

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