WEBS Index Funds top $ billion in assets
January 18, 1999
The WEBS (Worldwide Equity Benchmark Shares) Index Funds, an investment company consisting of 17 separate index funds which seek to track the investment performance of major international stock markets, announced that WEBS have exceeded $1 billion in assets under management. The funds were introduced in March, 1996.
Assets and trading volume for WEBS more than doubled in 1998 for the second consecutive year. Funds Distributor, the Boston-based distributor of WEBS, reported that total net assets in WEBS grew from $507.2 million to $1.03 billion, while total shares outstanding increased 118% from about 44 million to 96 million shares.