AMP to plug the holes
AMP has responded to the loss of its UK-based technology investment managers, stating it will not have any problems managing its technology funds with new staff set to take over.
AMP has responded to the loss of its UK-based technology investment managers, stating it will not have any problems managing its technology funds with new staff set to take over.
The fund has been managed by AMP’s UK arm, Henderson Investments since March, and the announcement comes after technology investment director Brian Ashford-Russell and senior manager Tim Woolley announced their intention to leave the group by the end of the year.
A third senior figure, fund manager David Magliocco, will also join Ashford-Russell and Woolley when they depart with plans to create their own specialist investment management group.
AMP says the departing managers are not heading to a competitor but rather creating a business with a boutique style and so the current working relationship was still amicable.
Both groups have said that a relationship may be created with the new venture but would confirm details within a month.
AMP says as a large global manager with more than 300 investment professionals, the resources are available to tackle the issue of succession.
The transition team will be lead by Henderson Investments chief investment officer Iain Clark. Senior fund manager Nitin Mehta will support Clark with both taking on responsibility for the $3.8 billion Global Technology Fund, the company's biggest tech fund.
Clark and Mehta also will oversee the Henderson Horizon Global Technology Fund and the Henderson Technology Absolute Return Fund, a hedge fund with $50 million in assets.
Tim Day will continue to cover the US component of all the global equities funds in his role as senior US large cap fund manager.
Senior US small cap growth funds manager Ann Hall will cover the US smaller companies fund which has around 35 per cent in technology stocks.
Technology team fund manager David Greenhalgh will cover the Japanese market while Ollie Beckett will cover European equities and Claire Chalmers will remain as a dedicated technology analyst.
Since launching in March of this year the local version of the Global Technology Fund has reached $23.5 million in funds under management and has returned more than 15 per cent since inception.
AMP says this is due to an established style developed over a number of years which helped steer the fund through the volatility in technology earlier this year.
AUTHOR
Jason Spits
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