Baron Capital Group has named Morty Schaja as president of the company and is launching the Baron iOpportunity Fund, which will focus on technology.

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Schaja who formerly had the title of chief operating officer has been with Baron since 1991. He is taking responsibilities over from Ron Baron, who remains the firm's chairman and chief executive officer.

The change became effective on December 16, 1999 Schaja told the MFWire.com. "We have plans to be a much larger business than we are today. Over time we expect to add more investment products to the firm."

The iOpportunity fund came out of registration today and will be open to investors as of January 13th and launch officially on February 29. Its subscription period is being handled through Schwab as was the Small-Cap fund launched in October 1997, Schaja said.

"We believe the Internet has changed the business dramatically across the board and has created opportunities," Schaja said. "The way we define features is not just new dot coms and not strictly web communications, new media or information content."

Schaja said they will also be looking at traditional businesses that have growth opportunity because of the Internet. He also said that the company will be applying their long-term value oriented philosophy to the Internet.

Lastly, iOpportunity will be managed on a day-to-day basis by Mitch Rubin and Matt Ervin who are both in their early 30's. All trades are subject to the approval of Schaja and Baron. Schaja said he wanted the managers to have a youthful enthusiasm with experience wisdom.

The fund is no-load but will have a short term 6 month redemption fee of 1% and the expense ratio will remain under 1.5%. 

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