Henderson loses fund high-flyers

Brian Ashford-Russell, one of the City's star fund managers and creator of the top-performing Henderson Technology Trust, has resigned from Henderson Investors, which is contracted to manage the trust.

Brian Ashford-Russell, one of the City's star fund managers and creator of the top-performing Henderson Technology Trust, has resigned from Henderson Investors, which is contracted to manage the trust.

Mr Ashford-Russell and the fund's other senior managers, Tim Woolley and David Magliocco, have become the latest high-flying staff to leave a large company to set up their own boutique investment house.

The move of the three fund managers may lead to a loss of confidence in other Henderson funds. Jason Hollands, deputy managing director of the broker Best Investment, said: "We wouldn't be happy if they were not involved with the company at all. We would be looking to advise people to get out."

Henderson could face a double blow if it also loses the contract to run the £800m Henderson Technology Trust.The three managers have said they are happy to continue to run the trust from within their new company, which will be set up by the end of the year.

Henderson last night was fighting to retain a relationship with the three. A spokesperson said: "The parting is very amicable." However, Mr Hollands, said: "They are leaving because they don't want to manage big open-ended funds any more, so I don't think they will continue to work with Henderson."