DIY investment platform TILLIT has withdrawn AXA Framlington Biotech, JO Hambro UK Dynamic, Allianz Strategic Bond, Fidelity Global Property and Federated Hermes Global Emerging Markets SMID Equity from its curated fund universe.
Those changes were triggered by manager changes occurring in the first half of the year, with Linden Thomson leaving AXA, Alex Savvides departing from JO Hambro, Mike Riddell exiting Allianz and Dirk Philippa quitting Fidelity.
Federated Hermes Global Emerging Markets SMID Equity was the exception, with TILLIT deciding to remove it from its platform due to concerns about the significant drop in assets under management since the fourth quarter of 2023.
TILLIT explained that manager changes automatically trigger reviews by its investment committee, which can lead to the decision to remove funds.
Sheridan Admans, head of fund selection at TILLIT, said: “The past six months have seen notable changes among fund managers on the TILLIT platform. There is no need to make a knee-jerk reaction. A named fund manager leaving a firm does not automatically mean that a fund will be removed from the TILLIT Universe.
“However, it does lead to a meeting with the new managers to assess their experience and planned approach. We then review the fund and changes at our investment committee meetings before making a final decision.”
TILLIT’s offering is different to many others, with investors using the platform only able to buy funds that are recommended by the firm. As such, these funds that have been removed by the company will be moved to its ‘dark funds universe’ where performance will still be shown but the only trade available will be to sell.
In addition to those five funds, TILLIT’s investment committee is currently evaluating three funds that have undergone management changes.
They include AXA Framlington Global Technology due to the expected departure of manager Jeremy Gleeson later this summer, Janus Henderson Strategic Bond because of the upcoming retirement of manager John Pattullo and VinaCapital Vietnam Opportunity following the death of its chief investment officer, Andy Ho.
Despite recent manager changes, TILLIT’s investment committee has opted to keep Schroder Recovery and Ninety One Global Total Return Credit in its curated fund universe.
Schroder Recovery is now managed by Nick Kirrage alongside Andrew Lyddon following the departure of Kevin Murphy, while Darpan Harar is running Ninety One Global Total Return after Tim Schwarz exited the firm.
TILLIT’s investment committee aims to provide governance, support and challenge to the fund selection process to ensure it stays true to its investment beliefs.
In addition to Admans, members of the committee include Patrick Edwardson, who previously ran Baillie Gifford’s multi-asset business, former managing director of Whitechurch Securities Gavin Haynes and Ben Yearsley, alumni of Hargreaves Lansdown and Charles Stanley.