he ING Funds
, whose 14 fund family was launched last December, has added the ING Internet Fund
to its product mix. The fund will be sold through financial intermediaries, as with the rest of the family, and is available as of July 6, 1999.
Although John Pileggi
, president and chief financial officer of ING Funds, admitted that the sector had been volatile, he expressed confidence in the fund's management and long-term outlook. Another difference in the new fund, which actually invests in a similar Internet portfolio to several of ING's overseas Internet funds, is the intention to close the fund to new investments at $500 million. The fund will be fully invested and intends to invest in "pure" Internet stocks.
"Everyone has a concern about the volatility of the sector at this point," Pileggi told the MFWire.com, "but the market wanted the fund in ING's line-up. Our sales force has been talking about the success of our European Internet Fund for a while now, and the enthusiasm (for the idea) was universal."
"We will be closing the ING Internet Fund as soon as it reaches the
$500 million mark in assets," said Pileggi. "We can offer the best performance to our shareholders at this level."
Pileggi continued, "The Internet is changing our world -- in terms of the way we communicate and the way we do business. Investors recognize the phenomenon. The demand for investment options remains strong, yet the number of Internet fund products available remain relatively few."
The fund's lead manager and also manager for the Internet portfolio of ING's European Internet portfolio will be Guy Uding
, based in The Hague. The expense ratio is 1.59% for A shares of the fund 2.24% for B and C shares.
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