Many ESG offerings 'just marketing', says fund manager

Odd said this made it harder to launch a new fund, but added: “There are always a lot of reasons why something can’t be done, or why someone can’t buy a fund, you just have to persuade them to do it.”

His intention in future is for Tyndall to launch more products and recruit more people. He said while consolidation in the industry may hamper the growth of smaller firms, the ability to deploy technology was an advantage new entrants had relative to many incumbents. 

Odd said: "Some of the large established firms are trying to run their businesses based on legacy systems, and no one wants to upgrade the systems because it involves risk.

"But also, when they do benefit from technology, the big firms tend to keep the benefits, not pass them onto clients, whereas small firms can pass them on to clients."