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Criticism as IFAs recommend clients to log off from Henderson global tech

Best Investments and Unitas have come under fire from rival IFAs after recommending their clients switch from Henderson&#39s global technology fund following the announcement that its managers are to quit.

Rivals claim such a move is unnecessary as fund managers Brian Ashford Russell and Tim Woolley will remain at Henderson for another three months.

Most IFAs have put the fund on hold and remain optimistic about its short-term prospects. But although Best Investments also initially put the fund on hold, it is now recommending switching.

Ashford Russell and Woolley announced they were quitting the £1.3bn fund at the end of last month but will continue to manage it until their departure at the end of the year. They are expected to try and sustain their strong performance to boost their profile ahead of setting up their own asset management company.

Hargreaves Lansdown head of research Mark Dampier says: “There is no point in switching until you know the full facts. The decision to sit tight may not appear to be a decision but it is and in some respects it is the hardest decision to take.”

Best Investments deputy managing director Jason Hollands says: “There is no compelling reason to stay in the fund as three out of the five managers have gone. But it depends on the individual circumstances. The fact is, the entire reason we recommended the fund is now redundant.”


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