ING Group's U.S. retail fund unit unveiled a fund Monday with a five-year guarantee period.
ING Funds Distributor launched the ING Principal Protection Fund X. It will be sold through Aug. 9 and is open to investors only during this three-month period. The minimum investment is $1,000.
The five-year guarantee period runs from Aug. 17, 2004, through Aug. 14, 2009. Throughout the guarantee period, the net asset value of the fund may rise and fall but at the end of the period accounts are guaranteed to be no less than the amount they invested by Aug. 17.
The five-year guarantee is backed by MBIA Insurance Corp.
ING Investments LLC, the fund's adviser, has hired ING Aeltus Investment Management Inc., a wholly owned subsidiary of ING Group, to serve as the investment sub-advisor.
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