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Wednesday, June 04, 2003|
ING Goes Outside for Large Cap Fund
In a bid to bolster the performance of its lagging large-cap growth fund, ING's mutual fund arm has selected an outside portfolio manager, Wellington Management Company's Andrew J. Shilling. A CFA with 13 years of investment experience, Shilling serves as senior vice president and partner for Wellington Management.
As of June 2, 2003, Wellington is sub-advising the ING LargeCap Growth Fund and the ING LargeCap Growth variable portfolio for ING Funds Distributor. The investment objective of the LargeCap Growth Fund, which previously was managed internally, is to seek long-term capital appreciation.
"ING Funds selected Wellington Management as the sub-adviser of the ING LargeCap Growth Fund because of their outstanding track record as a large cap growth money manager," said Bob Boulware, president and CEO, ING Funds, in a prepared release.
As of April 30 of this year, fund tracker Morningstar gives the large cap fund an overall rating of two stars and a three year ranking of just one star. Meanwhile, Lipper rates the fund number 586 out of 634 for the one year period and 451 out of 469 for the three-year stretch.
Wellington Management focuses on proprietary fundamental research, companies with a sustainable growth advantage, and the ability to detect change early and position the portfolio accordingly.
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