This adware is NOT a false positive and is a genuine threat. You should take appropriate action to remove it. If your AVG anti-virus can't remove it for you automatically, a quick web search should reveal plenty of help.
SettingsManager.EXE is nothing to do with PicoScope. The word 'PicoScope' in the file path is merely due to the current user being named 'PicoScope.'
The PicoScope installer would never install any third-party software, including toolbars, adware etc. Here at Pico we take the viruses and malware very seriously and our software is continuously monitored at each stage of production.
Hope this helps