nterest in the Internet in the US continues unabated, but many investors are starting to look outward and considering other international opportunities in areas that are far behind the US in terms of Internet infrastructure and access. One recent fund filing from International Assets Advisory Corp.
, a full service broker/dealer in Winter Park, FL says, 'Lets make it a world-wide Web.'
International Assets recently registered an international Internet fund with the SEC
called The World Global e-Fund
and expects the fund to be launched in early May. "We saw everything taking place in the Internet market here last year," said Michael Ward
of International Assets, the new fund's manager. "The opportunities overseas might be better than the US in six months to a year. We will definitely be hearing more talk about it."
Ward said that the fund will be similar to a UIT the firm started in May 1999. The brokerage company also started what they believe to be the first international net index, the NETDEX
, consisting of 50 international companies that have a majority of earnings and revenues from the Internet. The index is up 390% since March 31 and the UIT is up 188%.
The fund is being administered by Commonwealth Shareholder Services
located in Richmond, Virginia. The e-fund is joining the World Funds family which has six funds and $175 million in assets.
Commonwealth serves as a shell for firms which want to create funds quickly and easily, according to the firm's vice president, Darryl Peay
"A manager comes to us because we have the shell built to launch a fund. We can serve as a transfer agent and do the pricing and filing, quicker and less expensive. As time goes on and the funds grow [the funds] will sometimes spin off," said Peay.
There are four families and 27 funds listed through Commonwealth. Peay said the fund will be distributed through International Assets for the present. It is still unknown if the fund will be listed on any supermarket.
Ward said the marketing will be done in-house. "We have an in-house marketing newsletter that reaches 30,000 people -- we will also create a Web site. We have had interest from the press already, so I also hope to be doing television appearances. Next month we will really kick in with the PR."
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