Kinetics Asset Management of New York is spending approximately $4 million on an advertising campaign that will include three television ads to be introduced this week, according to Steve Samson, president and CEO of the company.
The two-year-old company's previous advertising budgets have been "insignificant" in comparison to this year's, said Samson. The company has $1.5 billion dollars in assets under management, he said.
Kinetics' Internet Fund posted a 216.4 percent return last year and was named the fastest growing company in assets by Strategic Insight of New York. With the ad campaign, the company expects to maintain last year's level of asset growth, Samson said.
The ads are part of Kinetics' strategy to promote the company's name as well as attract new investors, Samson said. The company will advertise on television, in newspapers and magazines and over the Internet. Television ads are scheduled to run five to six times a day on CNBC. Print ads have already run in The Wall Street Journal and Money Magazine. Internet advertisements will run on E*Trade, CBS Market Watch and Raging Bull, Samson said. All ads will be run throughout the year.