Mackenzie Financial Services Inc. today announced a change in management to the Mackenzie Universal World Science and Technology Capital Class fund.

Effective December 16, Brian Ashford-Russell and his investment management team at Polar Capital Partners, an exclusive asset management firm based in London, U.K., will assume management of a portion of the fund, currently managed by Mackenzie Investment Management Inc. In 2003, pending approval from investors, they will assume management of the entire fund.

Ashford-Russell, principal and founder of Polar Capital Partners, is among the most experienced technology investment managers worldwide, having managed technology portfolios since 1983. Previously, Ashford-Russell was head of technology at Henderson Global Investors, another U.K.-based sub advisor to Mackenzie, where he established his reputation as manager of the HTR Global Technology Trust, a U.K. portfolio he began directing in 1984.

Ashford-Russell will manage the Mackenzie Universal World Science and Technology Capital Class Fund with his colleague, Tim Woolley, a U.S. technology specialist.

“Brian Ashford-Russell and Polar Capital Partners have a track record in technology investing that is very well known to investors around the globe. Now, we’re pleased to be able to offer the team’s 20-years of expertise to Canadians,” said David Feather, president, Mackenzie Financial Services Inc., in a news release.

Ashford-Russell was one of the original managers on the Mackenzie Universal World Science and Technology Fund when it launched in 1996. He ceased managing his portion of the Fund in December, 2000 upon leaving Henderson Global Investors. In 2001, he established Polar Capital Partners, and remains a sub advisor to the Mackenzie Universal Select Managers Fund and Mackenzie Universal Select Managers Capital Class.

Currently, the Mackenzie Universal World Science and Technology Capital Class Fund is a multi-manager fund managed by investment teams within Mackenzie, its U.S. subsidiary MIMI, and Henderson Global Investors. The recent sale of MIMI to Waddell and Reed Inc. prompted a formal review of the Fund’s management.

Mackenzie has decided to move management of the entire Fund to Polar Capital in the following manner:


  • Effective December 16: Polar Capital Partners will assume management of the MIMI portion of the fund;
  • Jan. 1, 2003: Polar Capital Partners will assume management of another portion of the fund currently managed by Mackenzie in Toronto;
  • February 2003: Mackenzie will hold a meeting for unitholders to approve a change in the fund’s investment structure. Pending these approvals, Mackenzie will move the remaining portion of the fund’s assets to Polar Capital Partners.