Credit Suisse Asset Manage ment is bucking the current technophobia trend with the launch of a new TMT Oeic.
The CSAM Global TMT fund opens on January 29 and will be managed by the firm's 26-strong international equities team based in New York .
CSAM says it believes that after a bad few months for technology since last April, many stocks are beginning to look good value again.
It is the first firm to launch a technology Oeic this year and although it insists it is not calling the bottom of the market, it believes it is very near.
The fund will be available as an Isa and will also be available for Pep transfers. It will carry a minimum lump sum of £1,000 or minimum regular savings of £50 a month, or £100 a month for Isas.
The initial charge is 5.25 per cent but this will be discoun ted to 3.25 per cent until Feb ruary 16.
The annual fee is 1.5 per cent. IFA front-end commission is 3 per cent, with 0.5 per cent trail.
CSAM managing director Ian Chimes says: “We held off from launching this fund in 2000 as we were concerned about TMT valuations. But, having seen the dotcom froth being removed from many valuations and by moving away from the restrictive nature of single-sector funds, the timing is now much more opportune. Not only will the fund be able to buy into stocks at disc ounted prices but it will be starting with a clean slate.”
Simpsons partner Andrew Merricks says: “I like the idea. It is always been true that the time to go into something is when things are at their gloomiest.
“It could be a bit early but I like anyone that does something different.”