Bermuda-based Orbis Investment Management temporarily closed to new investors on Friday due to ?extraordinary growth?.

In a note to clients, company president William Gray said current members in the Orbis Funds and those persons to whom we have existing commitments will still be able to invest in the Orbis Funds.

?Orbis has experienced extraordinary growth in the last few years, both in terms of the number of members and their invested assets. Our investment process can, and was designed to, cope with substantially larger assets under management than we have at present, ? Mr. Gray said in his note. He added however that unchecked, such growth at recent rates would challenge Orbis? ability to expand the non-investment side of its services in a sustainable manner while continuing to meet investor expectations.

?Rather than resting on our laurels, this proactive action will allow us to use the time freed up from the decline in new client activity to ensure that our processes, IT systems and the depth and breadth of our non-investment team stay well ahead of the demand for our services,? he said.

Orbis Investment Management was founded by Bermuda residents William and his father and current chairman Allan Gray. Allan Gray started his career at Fidelity and later formed what is now the top performing and largest privately owned manager of pension fund assets in South Africa, Allan Gray Ltd., now managing over $13 billion.

Orbis Group later opened a global investment advisory firm in London followed by Bermuda-based Orbis Investment Management Ltd. which launched the first three Orbis mutual funds on January 1, 1990. Orbis has grown from $67 million under management at the beginning of 1990 to approximately $12 billion.

Orbis Funds will reopen to new investors when the company considers it appropriate to do so.