At a press
conference in Cyprus last week, Executive Chairman of Popular
Bank, Kikis Lazarides and Executive Director of Fidelity Investments,
Martin Cambridge, announced the launch of two new Luxembourg-based
sector funds which would be distributed in a number of Mediterranean,
Mid-Eastern and African countries by Popular Bank. The funds would
specialise in technology and telecommunications and would be distributed
globally. Fidelity currently has 39 sector funds in the US, of
which 8 are in these two sectors; the new launch reflects a trend
towards globally-distributed funds. In Cyprus, only offshore companies
and expatriate individuals will be able to invest in the funds.
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