MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, April 26, 1999 NetNet Manager Launches U.K. Internet Fund Munder Capital Management and the Framlington Group, of which Munder owns 49%, launched a British version of the Munder NetNet fund on April 19. High-profile fund manager Paul Cook manages the new fund, which will provide a pipeline for capital into British e-businesses. Cook, senior portfolio manager for the $2.25 billion Munder NetNet fund in the U.S., says that he will now be taking a serious look at U.K.-listed stock such as EasyNet, Cable & Wireless, British Telecommunications (BT), and Infobank. However, he is also very interested in exploring any company that is developing an Internet or e-commerce strategy. "The Internet is the theme, but the fund will straddle different sectors," said Cook. "Banks are leading the way in online trading, so we will be watching them. Tesco is developing a significant Internet presence, and Dixons' Freeserve is proving to be a success." The entrance of fund-management companies into the U.K. technology sector has been hastened by the formation of a dedicated listing on the FTSE-100, which opened April 1. "This is highly significant; it's the first sign fund managers are taking the U.K. economy seriously," said George O'Connor, IT specialist with Granville Investment Banking. British Internet-related companies have reacted favorably to the fund. "I'm delighted that the IT business in the U.K. is being taken seriously," said Graham Sadd, ceo and founder of e-commerce solution supplier Infobank. "There are a lot of skills and expertise in those British companies for which frustration at lack of funding led to them being bought out by U.S companies. Focusing on the U.K. is very good news." In launching the NetNet fund, Munder's U.K. partner, Framlington, will draw on the experience of the specialist Internet team at Munder, the managers of the largest U.S. Internet fund. The NetNet fund has grown by almost 400 percent since 1996 and provided an average annual rate of return of 106 percent by investing in Internet-related stock such as Cisco, Yahoo, MCI WorldCom, and Sun Microsystems. Printed from: MFWire.com/story.asp?s=24793 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |