And then there were 10. Today’s announcement by Jupiter that it plans to merge its Global Technology fund takes the number of funds in the Investment Management Association (IMA) Technology & Telecoms sector down to 10.
In May 2001, when the Technology & Telecoms peer group was created, the sector was £2.57 billion strong. At the end of January, after many groups shut their tech funds, assets under management in the sector stood at just £510m.
Today, the received wisdom among fund groups is that tech exposure is better held though a broader global mandate. It is a tough call for groups, as the size of their fund ranges is called ever more into question.
The sad fact is that after nine years of suffering, and with potential bubbles emerging elsewhere, several tech companies look placed to do well.