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Henderson picks ScotEq stars to head tech fund

Henderson has poached one of the UK&#39s top-rated technology teams from Scottish Equi table Asset Management to replace its own star managers who quit to set up a boutique in September.

Stuart O&#39Gorman and Paul Kleiser will replace Tim Woolley and Brian Ashford-Russell as managers of Henderson&#39s £163;1.3bn global technology unit trust at the start of next year.

The loss of the original Henderson team divided IFAs over whether to sell or hold the fund. Har greaves Lans down recommended holding while Best Investment rec-ommended a switch.

Hargreaves Lansdown bel ieves that Henderson&#39s move vindicates its decision.

The departures are the second major blow for Seam in recent weeks after the loss of head of US equities Neil Smeaton at the start of Nov ember. Seam is now missing a major part of the management teams for its two flagship funds – the American and technology unit trusts.

The Seam American fund is one of only two funds with a Standard & Poor&#39s AAA rating in the North American sector. This is now likely to come under review.

The Seam technology fund is the UK&#39s second-best-performing tech unit trust behind the Henderson global technology fund.

O&#39Gorman and Kleiser were part of the management teams for both funds.

Hargreaves Lansdown inv estment manager Ben Years ley says: “It is a blow to Scottish Equitable to lose the team like that. Who are ScotEq going to recruit now?

“It is good from Hen der son&#39s point of view. It makes those who advised people to switch out early look a bit silly.”

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