The investment director for AMP’s technology fund has resigned with another senior fund manager to start their own specialist investment management company.
The investment director for AMP’s technology fund has resigned with another senior fund manager to start their own specialist investment management company.
Henderson Investment head of technology Brian Ashford-Russell and senior portfolio manager Tim Woolley will leave the UK arm of AMP by the end of this year.
The news follows yesterday’s announcement of a new head for AMP in the UK but Henderson has indicated it is discussing an ongoing relationship with Ashford-Russell and Woolley’s new venture.
Henderson Global Investors managing director Roger Yates says the departure of the two senior staff was understandable but the remaining staff and resources will be adequate for the group to reach targets for all technology portfolios.
Ashford-Russell was involved in the original creation of the fund for Henderson in 1984 and was part of AMP’s launch of the local version, which feeds into the Henderson vehicle, late last year.
The decision has also prompted directors of the Henderson Technology Trust to switch the management contract to the firm to be created by Ashford-Russell and Woolley.
The reason for the move according to the Trust chairman Richard Wakeling, chairman is that Ashford-Russell and Woolley are one of “the leading technology teams in Europe. They are so pre-eminent we have to follow them.”
The managers’ new firm will also seek to raise a maximum of $3.75 billion and will manage a hedge fund that makes bets on tech stocks falling as well as rising.
Iain Clark will remain as overall head of specialist investing including technology at Henderson and will receive support from senior fund manager Nitin Mehta. Responsibility for specific geographic regions will remain with the existing team.
