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Woolley&#39s departure prompts S&P review

Rating agency Standard & Poor&#39s Fund Services is placing the Henderson global technology fund under review following the departure of its key fund managers.

Tim Woolley, Brian Ashford-Russell and David Magliocco all recently left Henderson Investors.

S&P says Henderson&#39s success to date in global technology portfolios reflects the experience of the two lead managers, Wool-ley and Ashford-Russell, neither of whom are now involved with the fund. Woolley and Ashford-Rus-sell are leaving to estab-lish a technology investment company.

Under a stock-orientated style of manage-ment, the fund has consistently provided above sector average returns and it has grown to £1.4bn in size.

London-based Hend-erson Investors, a subsidiary of Australian Mutual Provident, is an int- ernational management company responsible for over £81bn under man- agement handled through offices in Jersey, Japan, Luxemburg, Holland and Singapore.

S&P says it is not expecting the fund&#39s performance to change under the new team which is headed by new fund manager Nitin Mehta. But until interviews are conducted and a report issued, S&P says placing the Henderson Global Technology fund under review recognises the medium-term uncertainty over its management rather than a reflection of the fund.

S&P provides independent financial information, analytical services and credit ratings to financial markets. Among S&P&#39s products are the Global 1200, which it says is the benchmark for global equity performance, and the S&P 500, the US portfolio index.

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