TILLIT pulls AXA Framlington Global Technology fund from universe

Decision follows exit of fund manager Jeremy Gleeson

malware intrudes while using the Internet and causes problems.3d rendering

|

TILLIT has removed the AXA Framlington Global Technology fund from its universe following a review based upon the departure of fund manager Jeremy Gleeson.

Our sister publication Portfolio Adviser revealed Gleeson’s exit from AXA IM in the beginning of June. He had spent 17 years at AXA and led the global technology fund since 2007. Gleeson is now set to begin at AllianzGI in the end of August, leading the global technology equity team.

While TILLIT did not mark Gleeson as a “key person risk”, the fund manager exit did trigger a review process to identify potential changes in the fund.

See also: TILLIT adds five funds to investment universe

Sheridan Admans, head of fund selection at TILLIT, said: “In this instance, the investment committee raised several concerns. These include the departure of lead manager Jeremy Gleeson, a high likelihood of further team changes, and potential disruption due to BNP Paribas entering exclusive talks to acquire AXA IM.

“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.”

AXA and BNP Paribas announced AXA’s intent to sell its asset management branch, AXA Investment Management, to BNP Paribas in a €5.4bn deal set to complete in the first half of 2025.

This story was written by our sister title, Portfolio Adviser

MORE ARTICLES ON