nternet entrepreneur Elon Musk
's newest venture, X.com
, a banking and financial services "supersite" with a scheduled launch later this year, has hired Barclays Global Fund Advisors
to serve as investment advisor to its family of funds.
The company is planning to offer three funds initially -- a S&P 500 index fund, a U.S. aggregate bond fund and a money market fund. The funds will be available only to X.com's banking customers.
"Some will see this as an improbable partnership -- a Silicon Valley Internet startup and a venerable investment house with a lineage to 17th Century England," observed X.com Asset Management president John Story
. "But it's really a match of industry innovators. To have Barclays Global stand today with X.com is testimony to the potential of our shared vision."
"As the world's largest provider of index strategies, we bring X.com and its customers unparalleled expertise in managing index and quantitative portfolios for institutions all over the world," said Lee Kranefuss
, managing director of the Individual Investor Group for Barclays Global Investors. "This agreement will enable X.com to deliver world-class, institutional-level investment products to its customers at a cost structure only the Internet can enable."
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