Bull Market for Tech Managers Continues Despite Sector's Troubles

And you thought technology stocks were volatile. Scads of tech mutual-fund managers are shopping their skills in a seller's market, playing their own version of "Who Wants to Be a Millionaire?"

Last week Abel Garcia left Waddell & Reed, where he'd managed the (UNSCX Quote)United Science & Technology fund for more than 16 years, to help run AIM's struggling(GTTCX Quote)Global Telecommunications and Technology fund.

It was a surprising move by one of the category's graybeards and highlighted the wanderlust among tech managers. After the average tech fund rang up a stunning 135% return in 1999, many highly paid tech-fund mangers cashed in their boosted resumes for, well, even more cash. About one in 10 tech funds have lost part or all of their portfolio management team over the past five months. And that doesn't include a healthy number of growth-fund managers who jumped ship after riding fat tech weightings to eye-popping returns last year. ...