Amerindo Investment Advisors, the $6bn (E5.8bn) US specialist manager, is set to launch its first UK investment trust - the Amerindo Internet Fund.

The new fund, capped at £400m (E656m), will invest mainly in US high-growth companies involved in the internet and internet-related businesses. Up to 20% of the net proceeds will be invested in private companies at a second-stage 'crossover' phase.