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.
Thanks for the quick reply. It did seem rather odd that it happened right after I installed an update to picoscope software. I wanted to make sure nobody else was getting this. I have removed it, and installed the latest beta version. After seeing your post I tracked the events leading up to it. I had also got a new update for AVG the evening before. Perhaps it was there already and the update to AVG brought it to light. And as you have also said and I concur that it was more to do with my user name being Picoscope and less to do with the picoscope software. I've now changed my user name as well. Panic had set in. I have way to much important software on this computer that is not easily replaced.