Hargreaves Lansdown has recommended that investors in the Axa Framlington Emerging Markets fund consider switching into another fund, following the departure of lead manager William Calvert.
Calvert, head of emerging markets at Axa Framlington, is to leave the firm to join Polar Capital, taking two members of his team with him.
The fund will pass to Axa Framlington head Mark Beveridge, who will be supported by offshore manager Irina Topa-Serry.
Meera Patel, senior analyst at Hargreaves Lansdown, said investors should consider the First State Emerging Market Leaders fund instead.
She said, ‘We have serious concerns about this change of management. While Irina Topa-Serry manages an offshore emerging European fund for the group, she has an unremarkable, albeit limited track record.
‘Mark Beveridge has not managed a fund recently, and we would question his commitment to day-to-day fund management given his wider responsibilities as Head of AXA Framlington.’
The analyst said recruitment of a new manager would take some time and was no guarantee that they could find a high level replacement.
She added, ‘First State has a first-class emerging markets team and they have an exceptional long-term track record.’
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