Fund Openings, Closings, Manager Moves: Global Innovation Joins Tech Parade

Talk about a broken record. Yet another tech fund has rolled off the assembly line, this one a global version of Pimco's hot (PIVAX Quote)Innovation fund. More than 25 new tech funds have been launched since Jan. 1.

Like many of these new tech funds, Global Innovation has few limits. Manager Dennis McKechnie can invest in tech or "tech-related" companies of any size around the world. Despite its name and Innovation's 90% tech weighting on Feb. 29, the new fund isn't required to "invest exclusively in companies in any particular business sector or industry," according to its prospectus. Essentially the fund, which launched Monday, is structured as a global, all-cap growth fund.

McKechnie has worked on Innovation for a few years, but started managing the fund solo only at the start of last year. Since 1999's growth-obsessed market suited the fund's tech-heavy momentum style perfectly, its 139% return last year isn't necessarily the ringing endorsement it normally would be. Keep in mind, the average tech fund gained 135% last year, according to Lipper. ...