Ignis Asset Management is to launch a Global Technology fund under the management of Geoff Paton.
Ignis is planning to soft-launch the Dublin-domiciled fund in the fourth quarter. It will hold 40 to 55 stocks and will be benchmarked against the MSCI All Countries Global IT index.
It will be Ignis’s first move into the technology sector. The fund will have no geographical, index weighting or market capitalisation constraints. Paton has experience of running technology funds at both Abbey and Henderson Global Investors.
He joined Ignis in April 2009 as an investment manager within the US team. (article continues below)
Ignis says it wants to build a credible track record for the fund before attaining UK and continental European registration. Investors will have to approach Ignis directly for access as it will not be available on platforms at launch.
Darius McDermott, the managing director of Chelsea Financial Services, says: “This is an interesting time in the cycle for a technology launch.
“We like it as a sector as it has a number of cash-generative companies. I do not think that there will be too many launches in the sector but if Ignis believes it has a good manager for the sector, it could be a success.”