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Two technology funds will track Euro indices

Close and Themis Fund Management are both to launch new European technology tracker funds next month.

The Close fund will track the FTSE eTX euro 50, a new index to be launched by FTSE on October 2. The index, which will only consist of companies from the Eurozone, is part ofa family of new FTSE Euro-pean technology indices setto launch next month.

The Themis fund will track the new FTSE eTX Innovation index, which encompassesthe eTX euro 50 index, as well as another pan-European index called the eTX 50.

The indices will be the first to bring together tech stocks trading on various markets in Europe. They will be supported by a web site created by Deutsche Bank.

Close managing director Marc Gordon says: “We have had demand from both institutional and retail investorsfor another fund that is geographically distinct from the UK and confines itself to the Eurozone, and the eTX euro 50 index will take into acc-ount stocks listed on all Eurozone markets.”

Chartwell financial adviser Brian McLean says: “Anything that gives IFAs a bit more flexibility and a few more options is welcome. Europe is one of our most favoured sectors at the moment. Providing these funds stack up, then we would definitely take a look.”

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