The Enterprise Group of Funds will add an Internet fund to its fund family on July 1, managed by New York asset manager
Fred Alger Management.
The funds now number 15 with over $7 billion in assets.
Enterprise Capital Management, Inc., the registered investment advisor for The Enterprise Group of Funds is a member of
The MONY Group Inc. (
MNY), the financial services holding company.
"This new Internet mutual fund comes to the marketplace with a major difference -- an established and proven institutional investment manager. Enterprise has long had an interest in providing our investors access to the Internet sector," said
Victor Ugolyn, chairman, president and ceo, The Enterprise Group of Funds.
"The easy money in this sector has been made," Ugolyn added. "Going forward, it requires more than just being in the right sector at the right time. It requires the ability and expertise of a proven investment manager to determine which firms will be the successful Internet survivors."
"We are very excited about this opportunity to manage this fund. Enterprise has an excellent reputation in the marketplace," said
David Alger, president, Fred Alger Management, Inc.
"The timing is right for this fund as we won't be buying at the top of the market. And it will not be a pure Internet play," he explained, "but a fund that will also invest in related high-tech companies. Internets will account for 65 percent of the fund's investments. The Internet is probably the most important thing that is happening to the economy. At some point, every company will be an Internet company."
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