Two top tech managers go
Henderson Investors top tech managers leave to set up their own boutique funds management business.
Tuesday, September 26th 2000, 6:40AM
Brian Ashford-Russell and Tim Woolley have resigned from AMP subsidiary Henderson Investors to set up their own funds management business.
AMP has pulled about $13 million into its tax-effective UK managed funds since they were launched in New Zealand several months ago. About $5 million, or 40% of that money, has gone into the technology fund.
The managers will leave Henderson Investors in December and hope to have their own firm established early in the New Year.
Ashford-Russell says they will cap the amount of money they manage at a maximum of £1.5 billion. He says one of the reasons for leaving is that in the new business they will have full control over how they manage money.
The new company is likely to have the mandate to manage the £750 million ($1.8 billion) Henderson Technology Trust (which is listed), but not the £1.3 billion (NZ$3.1 billion) Henderson Global Technology unit trust.
Henderson Investors managing director Roger Yates says, in a statement, that the company is "fully committed to maintaining and building its leadership role in the technology field."
"We have the resources and expertise to continue the management of all technology portfolios in line with their specialist objectives."
Henderson Investors tech fund has been a star performer for AMP in the past two years, attracting huge funds flow on the back of strong performance.
The outperformance earned Ashford-Russell a total remuneration package, including bonuses, of £6.4 million (NZ$15.2 million) last year.
This is the second major fund manager loss Henderson Investors has suffered this year. Earlier on about half the team which look after ethical funds also left the firm.
For details on the listed Henderson Technology fund click here
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