DIY investment platform TILLIT has decided to withdraw the £1.2bn AXA Framlington Global Technology fund from its fund platform, the TILLIT universe.
This decision follows the departure of primary fund manager Jeremy Gleeson earlier this year, which caused the fund to be placed under review by TILLIT’s fund selection team in June.
TILLIT explained that, following the departure of Gleeson, there were expectations of further potential disruption that caused concerns about the fund’s position. These included the possibility of further team departures, as well as the ongoing discussions about BNP Paribas’ attempt to acquire AXA.
Additionally, the fund has seen a decline in performance over the past year, falling to the fourth quartile of the IA Technology and Technology Innovation sector, and failing to outperform the benchmark.
Performance of fund vs the sector and benchmark over 1yr
Source – FE Analytics
Sheridan Adams, head of fund selection at TILLIT, said: “Given the uncertainties tied to this corporate transition and leadership turnover, especially during a period when stability is crucial for investors, we consider the risks too substantial to ignore.
“As a result, the investment committee has decided to remove the AXA Framlington Global Technology Fund from the TILLIT universe.”