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Thursday, July 08, 1999|
ING Joins Growing List of Internet Funds
The ING Funds, whose 14 fund family was launched last December, has added the ING Internet Fund to its product mix. The fund will be sold through financial intermediaries, as with the rest of the family, and is available as of July 6, 1999.
"Everyone has a concern about the volatility of the sector at this point," Pileggi told the MFWire.com, "but the market wanted the fund in ING's line-up. Our sales force has been talking about the success of our European Internet Fund for a while now, and the enthusiasm (for the idea) was universal."
"We will be closing the ING Internet Fund as soon as it reaches the $500 million mark in assets," said Pileggi. "We can offer the best performance to our shareholders at this level."
Pileggi continued, "The Internet is changing our world -- in terms of the way we communicate and the way we do business. Investors recognize the phenomenon. The demand for investment options remains strong, yet the number of Internet fund products available remain relatively few."
The fund's lead manager and also manager for the Internet portfolio of ING's European Internet portfolio will be Guy Uding, based in The Hague. The expense ratio is 1.59% for A shares of the fund 2.24% for B and C shares.
Printed from: MFWire.com/story.asp?s=24382
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