UK-based Ignis Asset Management is launching a global technology fund in the fourth quarter of the year, as it views the IT sector as having many attractive prospects.

The fund will invest in a portfolio of around 40-55 stocks, with a view to long-term capital growth; however, until it is established and has a “credible track record” the company will not be promoting it to third-party investors.

Geoff Paton will manage the fund and will invest in technology firms working in areas including medical technology, biotech and alternative energy. The fund's stock selection will be unconstrained as to region and companies' market-capitalisation.

Paton is a member of Ignis Asset Management's US equity team. He joined the firm in 2009, having previously managed funds at Abbey National and Henderson Global Investors.