SunTrust Banks Inc. and Goldman Sachs Asset Management last week joined the recent wave of financial services companies offering proprietary Internet-related mutual funds.
SunTrust's E-Commerce Opportunity Fund invests in "companies participating in multiple electronic commerce market segments," the $93.2 billion-asset banking company said in a Securities and Exchange Commission filing.
The Goldman Sachs Internet Tollkeeper Fund invests in telecommunications, media, technology, and Internet companies that primarily provide access, content, services, and infrastructure to Web providers and users, the New York-based firm said.
Other financial services companies starting such funds recently included ING Group and the Enterprise Group of Funds.
SunTrust had 34 funds in its STI Classic Funds family, with assets totaling $19.96 billion, on May 31. Goldman Sachs had $52.2 billion of assets on Aug. 31, according to Lipper Inc. of Summit, N.J. A Goldman spokeswoman said the firm has 33 funds.
-- Cheryl Winokur