ING has quietly erased an alternative mutual fund from its portfolio.
According to data from Morningstar, the firm’s ING Alternative Beta Fund liquidated on December 7, 2012. At last count, the fund, which started in December 2008, managed some $6.35 million as of November 2012, according to public records.
The fund was touted as “a unique concept that offers hedge fund like returns at low cost and in a transparent way,” according to its marketing materials. Its mandate was to outperform the HFRX Global Hedge Fund Index. However, it failed to deliver on its mandate netting 2.49% last year through November while the index was up 2.57% during the same period.
Bas Peeters, Willem van Dommelen and Frank van Etten were the portfolio managers of the fund.
A spokesperson for the firm said: "Owing to a number of factors, including the fund's asset size, a decision was made to liquidate the fund last year."