Hibernian recently launched a Global Telecoms Fund, which it claims is the first specialist fund available to Irish investors investing in the world's leading telecommunications companies. "The impending privatisation of Telecom Eireann has highlighted the significant opportunities and technological advances being experienced by telecommunications companies throughout the world."

Hibernian is presenting the fund as an alternative investment for those who are disappointed with their Telecom Eireann share allocation. The fund concentrates on larger blue-chip stocks, or those leading the consolidation and development in the industry. Shares held within the fund include: France Telecom; Mannesmann, Germany; MCI WorldCom, US; Nokia, Finland; Telefonica, Spain; AT&T, US; Cisco Systems, US; BT and Orange, UK. The fund will also apply to purchase Telecom Eireann shares on flotation.

The companies in the fund include providers of systems, data traffic, Internet product, equipment, land-lines and mobile phones. There is a minimum investment of £3,000 (€3,809). The maximum charge is a bid-offer spread of 5 per cent. The spread decreases to 1 per cent with higher investment amounts.