ING Direct Asset Management Ltd. Wednesday announced the launch of Streetwise Equity Growth Fund, offering global equity diversification in one fund.

The new fund, the fourth fund in the Streetwise portfolio family, follows the same index-based investment philosophy of the existing Streetwise Funds, with a 100% equity component.

The fund will track the same three equity indices as the existing Streetwise Funds including: 50% Canadian equity index (S&P/TSX 60); 25% U.S. equity index (S&P 500); and 25% international equity index (MSCI EAFE)

ING Directs says the new fund is a medium-high risk fund suitable for investors who seek growth potential, have a medium-high risk tolerance, a long time horizon and seek capital appreciation.

“More Canadians are beginning to question the value and returns of actively-managed mutual funds, and turning to index based funds as an alternative,” says Peter Aceto, President and CEO, ING Direct.

“We have seen impressive growth in our Streetwise portfolio, and as more Canadians have realized the value of the index approach, there is a greater demand for a fund with higher growth potential. With the launch of the Streetwise Equity Growth Fund we now have an all equity product for Canadians to invest in this coming RSP season,” Aceto adds.

The portfolio sub-advisor for Streetwise Equity Growth Fund is State Street Global Advisors, Ltd.

The fund is offered at a low MER of 1.07%, about half the cost of the average portfolio fund. There is no minimum contribution, and quarterly rebalancing is included in the cost.