GLOBAL - Global technology shares are on the verge of recovery after a year of poor returns, SG Asset Management UK claims.
The fund manager believes there are sufficient indicators in place to suggest the market is at, or close to, turning.
SG Asset Management director Alan Torry said: “While we remain aware that there is a large amount of scepticism surrounding the rally in technology, this is itself is cause for encouragement.
“For any rally to last more than a few days or weeks, it must climb a wall of worry as new information emerges to support the case for a recovery.”
The fund manager reports that people working within technology companies have become net buyers, rather than net sellers of technology shares for the first time since September 11, 2001.
Torry said: “This indicates an unusually high level of confidence that their own shares are undervalued.”
*Separately, Nicola Horlick has stepped down as head of equities at SG Asset Management to concentrate on her role as chief executive of the fund manager.
Hugh Sergeant – ex-UBS Global Asset Management – takes over the mantle as head of equities.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.