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Mutual Funds
Internet Fund staying put
June 22, 1999: 5:39 p.m. ET

Sale of assets to New York Investment firm is called off, an SEC filing says
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NEW YORK (CNNfn) - It looks like the $655 million Internet Fund is staying put.
     Kinetics Asset Management of Long Island, adviser of the fund, is not selling its assets to Lepercq, de Neuflize & Co., a New York investment firm, according to a recent filing with the Securities and Exchange Commission.
     Ryan Jacob will continue as manager, the filing said. Kinetics will remain the adviser, it said.
     The fund is up 101.46 percent year to date as of Monday, according to fund-tracker Morningstar.
     It wasn't immediately clear why the sale won't take place. Efforts to reach Jacob and officials from Kinetics and Lepercq were unsuccessful.
     It also isn't clear what the long-term impact of the move will be on the fund, which is the largest of six Internet funds.
     A Russian computer programmer, a retired school superintendent and a retired postal worker were among the unconventional group who formed Kinetics Asset Management in North Babylon, N.Y.Back to top

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