Assirt gives Tyndall thumbs up
Research group Assirt has given Tyndall Investment Management a cautious thumbs up after finding Tyndall did not significantly change its management approach in the last year.
Research group Assirt has given Tyndall Investment Management a cautious thumbs up after finding Tyndall did not significantly change its management approach in the last year.
Assirt has assessed Tyndall’s approach to international equities (managed by Lazard Freres) as ‘strong’, and its fixed interest capabilities (now managed through Royal & SunAlliance, who bought Tyndall last year) as ‘competent’. Only Tyndall’s tactical asset allocation was rated as ‘modest’.
The move marks the beginning of a better year for Tyndall, who were the recipients of two hold recommendations from research groups in 1999. Last April, van Eyk re-search placed a hold recommendation on the group following the departure of four senior managers. Tyndall’s then chief investment officer Doug Little left the group, followed closely by Mark Young, who was head of distribution with the group. Rob-ert Osbourne, head of company research and Phil Hofflin, head of financial markets research left to join Lazards.
Assirt followed suit the next month, placing a hold recommendation on all Tyndall products, with the exception of Australian equities and international equities (man-aged by Lazard Freres). In July last year, following the takeover of Tyndall by Royal & SunAlliance, Assirt placed a hold on Tyndall’s Australian equities products.
Tyndall’s wholesale funds under management dropped from $2.5 billion to $2.1 bil-lion, according to Assirt’s September market share report.
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