Investec Asset Management U.S. of Pasadena, Calif., advisor to the Guinness Flight Funds, will change the objective and name of its Guinness Flight Asia Blue Chip Fund to the Guinness Flight Asia New Economy Fund as of Aug. 31, said Susan Park, a spokesperson for the company.
The fund will seek capital appreciation by investing in equity securities of technology companies in Asia, Park said.
The fund currently invests in large Asian companies with a market value of at least $1 billion, Park said.
"We estimate that Asia is approximately five years behind the U.S., in terms of the rapid development of the New Economy and onset of the digital age," Park said.
