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Friday, November 01, 2002|
ING Offers New Principal Protection Fund
ING Funds has launched ING Principal Protection Fund, a mutual fund with a five-year period of guaranteed principal. ING's four most recent Principal Protection Funds have attracted more than $2.7 billion in assets.
"The Funds have been particularly appealing to investors who are concerned with generating a stream of income from their retirement assets," said Bob Boulware, president of ING Funds Distributor, which markets the Fund.
The offering period of IPPF V begins Nov. 1, 2002, and runs through Jan. 15, 2003. The Fund is open to investors only during this two-and-a-half month offering period, for IRA transfers, the deadline is December 16, 2002.
A quiet period follows the offering period, which runs from January 16 through January 22, 2003, at which time no new deposits will be accepted. The guarantee of principal is backed by MBIA Insurance, an AAA-rated monoline insurer. The five-year guarantee period follows the quiet period and runs from January 23, 2003 through January 22, 2008. ING Funds is a unit of ING's U.S. financial services, which is a part of Amsterdam-based ING Groep N.V.
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