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Henderson tech stars quit to set up boutique

Henderson star fund managers Tim Woolley and Brian Ashford-Russell are leaving to set up their own investment boutique.

The team manages Henderson&#39s flagship £1.3bn global technology unit trust, as well as the £750m technology investment trust.

David Magliocco, a third member of the technology team, is also leaving, but all three managers will continue to run the unit trust until their departure on December 31. They have also agreed to manage the investment trust until it has served its 12 months management notice in September next year.

Henderson stresses the split has been amicable and it will be looking to work with the new company in the future.

The AAA-rated unit trust is one of the UK&#39s biggest funds and has been a particularly popular choice with IFAs. Over the five years to date, it has produced a return of 508 per cent.

Most advisers have now put the fund on hold and will review the situation when the new management of the trust is decided atthe end of the year.

Hargreaves Lansdown has sent out a report to its clients this week urging them not to panic.

Henderson head of UK retail Simon Ellis says: “The split has been very amicable. This is not about money, it is about their personal priorities. The team are not leaving for several months, and we will make decisions on how to progress at the end of the year.”

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