New York, 23 August, 1999-
- by Heidi Brown, Forbes Global, 08.23.99
As excerpted ... The Internet would seem to be the perfect medium in which to buy and sell offshore mutual funds. Fund management companies wouldn''t need to set up sales forces country by country. And individual investors would have a wider universe of offshore funds to choose from, with information delivered quicker and cheaper. In short, a digital supermarket for mutual funds.
"The Internet creates a level playing field for the investor," says Todd Everts, cofounder of Wall Street Offshore, the only company that specializes in selling offshore funds over the Internet. Wall Street Offshore offers investors 500 offshore funds from 30 fund families, including those of Putnam and Fidelity. The Web site charges a flat 2.5% sales charge (if you were to buy directly from the funds themselves, they would charge up to 6.25%).
Wall Street Offshore shares the sales charge with the fund. The service is based in Rochester, New York, but will move to Manhattan in three months to coincide with the launch of a redesigned site and a suite of new services...
To see full Story, go to: www.forbes.com/global/1999/0823/0216076a.html