Kinetics Asset Management, the investment advisor of The Internet Fund, has hired a new chief executive officer and chief operating officer. The company's chairman and co-founder, Peter Doyle, says that the new hires mean the company will stay independent. A proposed deal with Lepercq de Neuflize, a Manhattan investment firm, to sell the fund fell through earlier in the month. The fund's manager, Ryan Jacobs, left late last week.

Steven R. Samson was named president and chief executive officer and Lee W. Schultheis was named managing director and chief operating officer. Both depart Chase Global Asset Management to join Kinetics.

"These appointments signal Kinetics Asset Management's decision to remain independent," said Peter Doyle, chairman and co-founder of Kinetics. "Mr. Samson and Mr. Schultheis bring a combination of experience, creativity and skills that are ideally suited to building an investment management organization designed to meet the needs of investors in the new millennium."

Before joining Kinetics Asset Management, Samson served as managing director at Chase Global Asset Management and Mutual Funds, the adviser to the Chase Vista Funds, and the Chase Manhattan Vista Funds. Prior to joining Chase, he was responsible for the Mutual Funds Management Group at U.S. Trust Company, where he directed the $2.8 billion UST Master Funds.

Schultheis, most recently director of business development for Vista Funds Distributor, has also served as president of Vista Fund Distributors, Inc., the sponsor and underwriter of the Chase Vista Family of Mutual Funds. He had also worked with Samson at U.S. Trust Company as vice president in the Mutual Funds Management Group.

"Steve and I bring broad based experience in virtually every aspect of the asset management and mutual funds industry," said Schultheis. "This will permit Kinetics to build the infrastructure to support the requirements of our investment professionals and to enhance the breadth of products and services we provide to investors."

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