Tilney slashes number of funds in portfolios as 'low-hanging fruit' eliminated

Fall from 70 to 30

Wealth manager Tilney has cut the number of third-party funds held in portfolios from 70 to 30 due to "mediocre" performance by many active managers.

Chief investment officer Chris Godding (pictured), who joined Tilney a year ago, said the decision had been taken to eliminate "the low-hanging fruit" from portfolios. The move was also driven by Tilney's acquisitions of Ingenious Asset Management and Towry, which both had their own in-house portfolios that have been consolidated. Tilney hires ex-Signia's Godding as CIO Funds which remain included TwentyFour Absolute Return, Baillie Gifford Japan and JPM Global Macro.  The firm's universe of funds that it will consider for inclusion has also been significantly reduced from 500 t...