Business Services Industry
IT sector rides investment wave.
Australasian Business Intelligence, May, 2006
Byline: Ben Woodhead
May 02, 2006 (The Australian Financial Review - ABIX via COMTEX) -- Many Australian technology funds are enjoying strong returns, as companies elect to upgrade their IT systems. The Global Technology Fund of Goldman Sachs JBWere posted a return of 39.7 per cent for the year to 31 March 2006, while the Global Technology & Communications Fund of Colonial First State achieved a return of 34.9 per cent. Alex Barbi, the technology fund manager of Platinum Asset Management, notes that the financial services sector in particular is investing heavily in replacing or upgrading their IT systems. Many of these systems were installed to combat the "Y2K bug".
Publication Date: 3 May 2006
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