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Guinness Flight Wins Right to Internet Index

Guinness Flight Global Asset Management has won the license to the Internet Stock Index from Corp. of Westport, Conn. Guinness Flight has filed with the SEC to create a new no-load fund, the Guinness Flight Index Fund, which is expected to be available to investors on July 30.

The Internet Stock Index was created in April 1996 and tracks the performance of 50 Internet stocks. It is the oldest Internet index, according to Guinness Flight.

Guinness Flight won over Reich & Tang Asset Management of New York in a bid for the license. Reich & Tang had also filed for an Internet index fund with the SEC in anticipation of winning the license.

The new fund will be managed by Doug Blatch, who also runs the $116 million Guinness Flight Wired Index Fund, which was started in December 1998.