rush to launch technology funds is not over yet, even with the continued slide in the Nasdaq Composite. Wells Fargo is the latest fund company to offer a new tech fund. The firm also is stressing that the new offering will attempt to "avoid the swings" of funds that concentrate in one tech sector such as the Internet. This marks the first time that Wells, which sponsors 66 funds, is offering a specialized fund.
The new fund -- the Specialized Technology Fund -- will be subadvised by Dresdner RCM Global Investors and managed by Walter C. Price Jr., CFA and Huachen Chen, CFA. The pair already manage the Dresdner RCM Global Technology Fund. The new fund's manager will attempt to dampen volatility by investing across numerous sectors and internationally.
"Wells Fargo believes that the technology revolution is not a short-term fad, but a lasting fundamental transformation of global culture and economies," said Mike Hogan, president of Wells Fargo Funds. "The Fund's unique investing style, supported by extensive on-going field research, creates the potential for substantial growth with manageable volatility."
"Wells Fargo's clients will now have access to the expertise to two best portfolio managers in the industry," said David Skolnik, director of national sales and marketing, Wells Fargo Private Client Services. "With their experience, the Fund offers attractive potential for long-term appreciation in the new economy."
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