Magazine content is available exclusively for TIME subscribers.High-Tech Fever
Two funds lure $835 million
Now that investors are feeling decidedly bullish about high-tech stocks, Merrill Lynch, characteristically, is thundering to the head of the stampede. Last week the firm announced it had collected $835 million from investors for shares in its new twin mutual funds called Sci/Tech. Sci/Tech Holdings, Inc., for U.S. and Canadian investors, raised $550 million, while Sci/Tech, S.A., for overseas investors, attracted $285 million. The offering turned out to be the largest mutual fund start-up ever, leagues ahead of the second largest, Manhattan Fund, launched in 1966 with $247 million. The Sci/Tech funds, which will have nearly identical...
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