Fund Openings, Closings, Manager Moves: State Street Gets Wired

Broker-sold State Street Research is just the latest fund shop to hop on the tech gravy train, filing paperwork this week to launch a new technology fund, as well as domestic and international versions of a concentrated growth fund .

State Street joins a growing number of fund shops, including Neuberger Berman, Delaware and Loomis Sayles, that have belatedly gotten wired. Their sudden interest in tech probably has a lot to do with the dollars that have been flowing into tech funds at a record pace.

The filing for State Street's all-cap Technology fund is pretty vague. It will be run by the firm's technology team (no names, thanks a lot) and will spread its assets among telecommunications, software, hardware, Internet, electronics and semiconductor stocks, to name just a few subsectors. The fund will own companies of any size and can even invest up to 35% of its assets in nontech stocks. ...