Scottish Mutual is delaying the launch of its Dublin-based Abbey National branded technology fund un...
Scottish Mutual is delaying the launch of its Dublin-based Abbey National branded technology fund until August.
The intended launch date of 19 June was first reported by Investment Week earlier this month, but this has now been pushed back because the Bank of Ireland's approval process has taken longer than expected.
In addition to the offshore fund, the group is looking to bring out an Abbey National branded technology unit trust which is on course for launch later in the summer.
The portfolios will be run by Geoff Paton, head of North American equities at Abbey National Asset Managers, and will mainly invest in US technology stocks.
Paton, who has been involved in US technology stocks for the past 14 years, feels US companies will be in an excellent position to take advantage of the acceleration in IT spending across the globe, especially in Europe and Japan. He added the development of the internet is also likely to benefit US technology firms.
Paton said: "What we saw last summer was just madness. Many fund managers plunged into the market without thought to valuation or the long-term prospects of the companies that were floating."
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