Ex-Henderson team is set to launch Polar Capital Technology Absolute Return Fund

The team behind the Henderson Technology Absolute Return Fund, Brian Ashford Russell, David Magliocco and Tim Wooley, is set to launch a successor with their new fund group, Polar Capital. The Polar Capital Technology Absolute Return fund is the first hedge fund for $1.1bn Polar, joining three long-only funds. 'This is an evolution of our original hedge fund,' explained Ashford Russell. The fund's investment approach is fundamentally driven, investing in global small and mid-cap stocks in a broadly defined technology sector. 'It will mostly be in information technology rather than life sciences,' said Ashford Russell. The fund will range from 25% net short to 70% net long. The fund has fees of 1.25% management and 20% performance and will aim at achieving high teens returns with lower volatility than the long-only funds. Ashford Russell's long-only technology fund with Henderson achieved 27% per annum for 17 years.

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