View more on these topics

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.”

Recommended

Waiting for the rally to take flight

Every investor wants to know when markets are going to rally. Until now, analysts have tended to fall back on the “It&#39ll be all right in the fourth quarter” response. But sentiment has, if anything, worsened in recent weeks.The challenge for international portfolio managers is to make the most of the opportunities that do exist. […]

Aberdeen Zeros In On New Structure

Aberdeen Investment Trusts has extended the term of its preferred income trust by changing the structure and issuing new shares in the trust.The trust will now have a proportion of European fixed interest securities, including corporate bonds, in addition to its original focus on the UK fixed interest securities.The Preferred Income Trust is likely to […]

Halifax worries IFA with string of minor errors

Halifax has been reported to Bungle Busters after it tried to sell a personal loan to the child of a Conwy-based IFA.Halifax wrote to the 11-year-old daughter of Brian Roberts Financial Services principal Brian Roberts last week enclosing an application for a personal loan.Roberts claims it is not the first time the high-street lender has […]

Citibank – Citibank Accumulator

Thursday, 12th October 2000.Type: Monthly interest savings account.Minimum-maximum investment: Minimum £5,000, no maximum. Interest rates: 6.5 per cent gross.Term: None.Offer period: Until further notice.Withdrawal penalties: None.Tel: 0800 008900.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment