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Hot Internet Fund Replaces Manager Quickly

Monument Funds Group taps Daiwa exec Grandhi to succeed Cheung.

Monument Funds Group has moved quickly to replace Alexander Cheung, the portfolio manager of its top-performing Internet fund, who announced Monday that he is leaving to start his own firm.

The two-year-old Bethesda, Md.-based fund family said Tuesday that Bob Grandhi, a senior vice president of Daiwa Securities (DSECY) in New York, will take over Monument Internet Fund (MFITX).

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