Allianz shifts Jeremy Thomas off UK funds

Allianz Global Investors has moved Jeremy Thomas off his role on two UK equity funds as he continues to shift to focusing on global equities.

Mr Thomas has handed the £47.4m Allianz UK Growth fund and £10.7m Allianz UK Unconstrained funds to Matthew Tillett, currently co-manager on the latter product. He will take on a deputy manager role on the UK Unconstrained fund.

Mr Thomas, a former Army captain before joining Schroders in 1996, was moved off his role as chief investment officer of UK equities at Allianz in October 2012 after eight years. The changes are part of the group’s adjusted focus on income, mid cap and unconstrained UK equity strategies.

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Allianz failed in an attempt to merge away the underperforming UK Growth fund late last year, after its proposed merger into one of the group’s RiskMaster multi-asset funds was rejected by investors. At the time, the company said it had no alternative plans to alter the funds.

The proposed merger was part of an overhaul of Allianz’s UK marketing strategy aimed at distinguishing between its four-strong RiskMaster range and its single-asset fund range.

The Allianz UK Growth fund was bottom quartile in the IMA UK All Companies sector in both three and five-year periods to August 8, according to FE Analytics.