Jacob Asset Management (JAM) seems to have finally gotten the million-dollar answer to the five month question: How long does it take to file and launch an Internet fund?
The Securities and Exchange Commission has finally given its stamp of approval to
Ryan Jacob, chairman and chief investment officer of Jacob Asset Management, and his new
Jacob Internet Fund which will start investing on December 13. Since the original prospectus on July 14, the Jacob Internet fund has submitted at least three amended versions to the SEC for further review. The fund was originally slated to launch Labor Day.
One of the major bones of contention was Jacob's record and his responsibility for his former fund, The Internet Fund's investments. While Jacob contends that he had primary investment responsibility from December of 1997 until he left in June of 1999, Kinetics Asset Management, the advisor of The Internet Fund, disagrees, saying that Jacob wasn't really in charge until March of 1998.
The fund will begin marketing immediately by sending fulfillment kits to curious investors. The fund's prospectus and application will shortly be available from the Jacob Asset Management website.
Parthie Darrell, a research assistant at JAM said, "Right now we have gotten so much press -- investors are coming to us. So we will take care of that first before we continue marketing."
Darrell would not say why the filing period was so long but it is suspected that unusually long delay has came as the SEC intensified its scrutiny of performance-based advertising of mutual funds.
With the announcement of the launch date the company has also unrolled the final version of its Web site. On the revamped site there is even a message board with one poster asking how he can exchange his "Internet Fund" onto Jacob's new fund.
Shares of the fund are available through the fund itself or through supermarkets such as
Ameritrade, Waterhouse, Fidelity Investments and
DLJ Direct.
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