Here’s one alternative fund that won’t be on advisors’ list this Christmas.
ING Investment Management is preparing to liquidate its ING Alternative Beta (IABAX) fund on Dec. 7, according to a report from Morningstar.
The fund, which closed to new investment last week, is a long/short equity fund that’s broken into five class shares with a total of $21.8 million in the fund. The annual expense ratio for the fund ranged from 104 basis points for the Institutional class shares to 215 basis points for the B and C class shares. The fund traded on the Nasdaq.
The fund is managed by Frank van Etten, deputy head of multi-asset strategies and solutions at ING IM, and portfolio manager Willem van Dommelen.
ING Investment Management, the U.S. asset management arm of ING Insurance U.S., held approximately $170 billion in assets under management as of the end of March.
Annette Bronkesh, a spokesperson for ING IM, confirmed the closing of the fund, but declined to comment further.