It is understood this relates to the loss of a mandate with a major superannuation fund.
In an investor communication, it said the large-cap research team will be closed in January 2026 after more than 35 years in the industry.
“This decision reflects current dynamics in Australian large cap value equities and Tyndall’s market position.”
Yarra Capital Management will manage the $229 million Tyndall Australian Share Wholesale fund and $133 million Australian Share Income fund, effective from January 2026.
Yarra Group is a 50 per cent owner of Tyndall, a position it has held since 2021 when it acquired the business from Nikko Asset Management.
The large-cap team has already seen a major loss as Australian Share Income fund portfolio manager Michael Maughan departed Tyndall after 18 years to join the Australian equities team at Pengana Capital Group last month.
Meanwhile, the small-cap franchise will be repositioned and rebranded as a new affiliate with Tyndall stating there is a “substantial market demand” for small-cap equities. The $5 million Tyndall Australian Small Companies Fund is unaffected by the changes outlined above and remains open to new investment.
The new affiliate will be led by co-portfolio managers Tim Johnston and James Nguyen and supported by Scott Hudson and be backed by Yarra Group’s sales, marketing and operations infrastructure.
Head of Australian equities Johnston has worked at Tyndall for over 25 years while Nguyen joined in 2008. Hudson is the most-recent hire, having only joined Tyndall as a deputy portfolio manager from MST Financial earlier this year.
Commenting on the small-cap division, Tyndall said: “There is substantial market demand for the category – with only a few small cap quality franchises with available capacity – and reflects the strong and consistent outperformance the small cap team has delivered since its inception in March 2023.”
The firm previously hired Josh Phillips as a portfolio manager on the small-cap team at the start of 2025 but he departed after just five months to join Evidentia Group as a senior asset consultant.
A spokesperson told Money Management: “We will be closing down the large-cap investment team, lifting the small-cap team of three into a newly-branded affiliate and in time, we will close down the Tyndall brand.”
