US investment group Amerindo is to launch an investment trust which invests in emerging technology, ...
US investment group Amerindo is to launch an investment trust which invests in emerging technology, writes Jenne Mannion.
The Amerindo investment trust, on course to be launched in the UK in February, will be run by Alberto Vilar and Gary Tanaka, who jointly founded Amerindo in 1979.
The UK trust will be run along similar lines to the $269m Amerindo Technology mutual fund in the US which looks for emerging tech stocks rather than longer-established equities.
The trust is planning to invest mostly in US companies to begin with although there will be a scope to invest in other promising emerging technology markets.
The US mutual fund runs a highly concentrated portfolio with between 15 and 20 holdings and includes names such as Ariba, eBay, Amazon and Priceline.
According to Amerindo its assets rose 212% in dollar terms in 1999 and 85% in 1998.
Fraser McKenzie, director at Amerindo, said the current uncertainty surrounding the direction of technology stocks would enable investors to enter the market at a more reasonable level.
He said Amerindo planned to market the trust through intermediaries and would set low minimum lump sum levels to make it more accessible to the wider market. It is also working on making the investment trust Isable.
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