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Market Update

Merrill Internet Fund Gathers $1.1 Billion

Initial offering gets Internet Strategies Fund off to a big start.

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Showing that the investing public's appetite for all things technology and Internet is still strong, Merrill Lynch's (MER) Internet Strategies Fund raised $1.1 billion during its two-week initial offering period.

The rush of cash prompted Merrill to close its first ever Internet fund to new investors for an indefinite time, the company said in a statement. Internet Strategies is the second Web- focused fund to close in less than a week. On Friday Munder Funds said it would close its $11 billion Munder NetNet Fund (MNNAX) next month.

Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.