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European UCITS platforms disclosed 676 sub-advisor appointments and terminations in their 2025 and 2026 statements: 349 appointments and 327 terminations, across 62 platforms. The headline for fundraisers is that 81% of appointments were new sub-funds or new sleeves, not replacements, and 61% of terminations were fund closures or mergers, not firings.
Key Takeaways
- Irish and Luxembourg UCITS platforms disclosed 349 sub-advisor appointments and 327 terminations in statements for periods ending in 2025 and 2026 (Dakota analysis of CBI and CSSF registers and funds' published reports, September 2026).
- 81% of appointments were additions (new sub-funds or new sleeves). Only about 1 in 5 replaced an incumbent, in 55 sub-funds.
- 61% of terminations happened because the sub-fund closed, merged or moved, not because the manager was dropped from a continuing fund.
- Liquid alternatives turn over fastest: 22.8 appointments per 100 seats, against 12.2 in multi-asset.
- Filings lag decisions. Under Article 68 of the UCITS Directive, annual reports are due within 4 months and half-yearly reports within 2, so a change can surface 3 to 12 months after it was made.
How often do European platforms change sub-advisors?
European UCITS platforms change sub-advisors steadily, but not in a big way at any one time. Statements for periods ending in 2025 and 2026 disclose 676 changes (349 appointments and 327 terminations) across 2,036 current seats. About half the platforms, 62 of 125, recorded at least one change.
A few definitions, used throughout this series:
- A UCITS umbrella fund contains many sub-funds.
- The management company (ManCo) is legally responsible for the fund and may delegate portfolio management to an outside sub-advisor (a delegated investment manager).
- A seat is one outside manager on one sub-fund.
- A selector platform hires managers for its own-branded range. A host ManCo runs umbrellas that other firms promote.
- Irish funds are regulated by the Central Bank of Ireland (CBI), and Luxembourg funds by the CSSF.
The full channel is explained in How Fund Managers Win UCITS Sub-Advisory Mandates in Europe.
|
Statement period ending in
|
Appointments
|
Terminations
|
|
2025
|
204
|
199
|
|
2026 (to date)
|
145
|
128
|
|
Total
|
349
|
327
|
Source: Dakota analysis of funds' published annual and semi-annual reports, September 2026. Same-group changes, renames and funds whose filings could not be matched to their register entry are excluded.
What counts as a hire or a fire in fund filings?
A hire or a fire in UCITS filings is a change in the named investment manager of a sub-fund between two consecutive published statements. Dakota compares each umbrella's rosters statement by statement, and most comparisons span six months: 455 of the changes fall in six-month windows and 160 in twelve-month windows.
This matters because the data shows what platforms did, not what they are about to do. These are appointments and terminations disclosed after the fact, not open searches. European platforms rarely publish RFPs for sub-advisory seats. The filings are the most complete public record of who was hired and who left, and when.
Dakota classifies every change into one of four types:
|
Type
|
What happened
|
Count
|
|
Addition
|
A manager was appointed with no termination in the same sub-fund and window: a new sub-fund, or a new sleeve
|
284 appointments
|
|
Replacement
|
One manager left and another joined the same sub-fund within one reporting window
|
65 appointments and 65 terminations, in 55 sub-funds
|
|
Removal
|
A manager left a sub-fund that continues, without a replacement in the same window
|
64 terminations
|
|
Exit
|
A manager left because the sub-fund closed, merged or moved
|
198 terminations
|
Why do most terminations not mean a manager was fired?
Most UCITS terminations follow the fund, not the manager. Of 327 terminations in 2025 and 2026 statements, 198 (61%) happened because the sub-fund closed, merged into another or moved out of the umbrella. Only 65 were straight replacements, and 64 were sleeves dropped from continuing funds.
Platforms rationalise ranges constantly. They merge small sub-funds into larger ones, fold target-date funds at maturity and close strategies that stopped selling. Each of those events ends a sub-advisory seat, and none of them says anything about the manager's performance.
The practical reading for a fundraiser:
- A termination in a sub-fund that continues (64 removals, plus 65 replacements) is the signal worth acting on. The platform still needs the exposure, and it may be deciding who runs it next.
- A fund exit is a signal about the platform's range, not the manager. Merged funds often come back as new, larger sub-funds with a fresh manager line-up.
- A burst of terminations at one platform usually means a range restructuring, which is often followed by new appointments.
Which strategies turn over most?
Liquid alternatives turn over fastest. Platforms disclosed 22.8 appointments per 100 current seats in hedge fund and liquid alternative strategies, followed by global equities (17.3) and US fixed income (17.1). Multi-asset turns over slowest, at 12.2, even though it is the largest category with 500 seats.
|
Strategy
|
Current seats
|
Appointments
|
Terminations
|
Appointments per 100 seats
|
|
Hedge funds / liquid alternatives
|
136
|
31
|
11
|
22.8
|
|
Global equities
|
359
|
62
|
22
|
17.3
|
|
US fixed income
|
140
|
24
|
5
|
17.1
|
|
Sector equities
|
146
|
23
|
12
|
15.8
|
|
International equities (regional)
|
217
|
29
|
22
|
13.4
|
|
Global fixed income
|
262
|
34
|
12
|
13.0
|
|
Emerging market equities
|
108
|
14
|
1
|
13.0
|
|
US equities
|
124
|
16
|
8
|
12.9
|
|
Multi-asset
|
500
|
61
|
30
|
12.2
|
Appointments disclosed in 2025 and 2026 statements, against seats in the latest statements. Smaller categories (smart beta, real assets, cash) are omitted.
Three patterns stand out:
- Liquid alternatives are hired for a specific return profile, and platforms add and swap them as that need changes. It is the most dynamic category for managers with a UCITS-ready alternative strategy.
- Global equities and US fixed income combine size and movement. They are the categories where a new manager is most likely to find an opening at scale.
- Emerging market equities barely turned over: 14 appointments and 1 termination. Incumbents there have been sticky, so an approach needs a strong reason for change.
Do host ManCos and own-group platforms behave differently?
Yes. Umbrellas at host ManCos, the third-party ManCos that run funds for other promoters, disclosed 196 appointments and 166 terminations. Own-group platforms disclosed 153 and 161. Replacements are more common at host ManCos: 84 replacement changes against 46.
| |
Host ManCos
|
Own-group platforms
|
|
Appointments
|
196
|
153
|
|
Terminations
|
166
|
161
|
|
Replacement changes (appointments and terminations)
|
84
|
46
|
|
Terminations that were fund exits
|
94
|
104
|
|
Removals from continuing funds
|
29
|
35
|
The difference makes sense. At a host ManCo, many umbrellas belong to private banks, wealth managers and multi-manager promoters that actively manage their line-ups. Own-group platforms more often restructure whole ranges, which shows up as exits and new launches rather than one-for-one swaps.
What does a replacement cycle look like?
A typical replacement shows up as a termination and an appointment in the same sub-fund within one six-month reporting window. The sub-fund keeps its name, and often its strategy, while the manager changes. Dakota found 55 sub-funds with a replacement in 2025 and 2026 statements, 18.6% of all appointments.
In the filings, a replacement usually looks like this:
-
The platform reviews the line-up. Selector platforms review managers on a regular cycle, and host-ManCo promoters when performance or capacity changes.
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The ManCo approves the new delegation. In Ireland, this goes through the designated person for investment management. In Luxembourg, it goes through the conducting officers, who must complete initial due diligence on the new delegate.
-
The change takes effect on a stated date. Many statements footnote it ("with effect from…").
-
The next statement shows the new roster. Semi-annual and annual reports carry the change, up to two or four months after their period end.
Many replacements come in groups. When a platform restructures several mandates at once, the same reporting window shows several terminations and appointments across related sub-funds. Additions come in groups too: a new range or a target-date series brings several new seats at the same time.
How far do UCITS filings lag the decision?
UCITS filings lag the decision by three to twelve months. Under Article 68 of the UCITS Directive, annual reports are due within four months of the period end and half-yearly reports within two. Of the changes in statements for 2026 periods, 142 were in June 2026 statements and 112 in March 2026 statements.
That clustering reflects reporting calendars, not decision timing. Umbrellas report on fixed period ends (commonly December, March, June and September), and a change made in January may not appear until a June half-yearly report is published in August.
Two things follow for fundraisers:
- Speed matters. The advantage goes to whoever reads a statement the week it is published, not the quarter after.
- Effective dates are the better signal. Where a statement footnotes the effective date of an appointment or termination, it shows when the platform actually acted, and how recently the line-up was reviewed.
How can fundraisers use hire and fire signals?
Use hire and fire signals to time an approach, not to replace one. Sub-advisory seats open mainly through new sub-funds (81% of appointments), so watch for launches and range reviews. Target continuing sub-funds where a manager left, and approach platforms after a restructuring, when line-ups are being rebuilt.
A practical routine:
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Track launches. New sub-funds at the platforms you target are the largest single source of new seats.
-
Flag removals. A manager leaving a continuing sub-fund, with no replacement yet named, is the closest thing to an open seat in the filings.
-
Read restructurings as openings. A cluster of exits at one platform often precedes new appointments in the next statement.
-
Weigh the strategy. Liquid alternatives and global equities turn over faster than multi-asset and emerging market equities.
-
Know who approves. The ManCo's oversight roles must sign off every new delegate. See Who Picks the Sub-Advisor?.
The same logic applies to other channels where decisions surface in public documents. UK local government pension funds publish their manager decisions in committee papers; see What LGPS Funds Are Buying in 2026.
Frequently Asked Questions
Are UCITS sub-advisor appointments open RFPs?
No. The appointments and terminations in this analysis are changes disclosed in funds' published annual and semi-annual reports after they happened. European platforms rarely publish searches for sub-advisors, so the filings are the most complete public record of who was hired and when.
How often do European platforms replace sub-advisors?
Straight replacements are relatively rare. In 2025 and 2026 statements, 55 sub-funds changed manager within a single reporting window, and replacements made up 18.6% of all 349 appointments. Most appointments (81%) were for new sub-funds or new sleeves.
Does a termination mean the manager performed badly?
Usually not. Of 327 terminations in 2025 and 2026 statements, 61% happened because the sub-fund closed, merged or moved. Only 65 terminations were straight replacements in a continuing fund, and 64 were sleeves removed without an immediate replacement.
Which asset class has the most sub-advisor turnover?
Hedge funds and liquid alternatives, with 22.8 appointments per 100 current seats in 2025 and 2026 statements. Global equities (17.3) and US fixed income (17.1) follow. Multi-asset (12.2) and emerging market equities (13.0) turned over least.
How current is filings-based data on sub-advisor changes?
UCITS annual reports are published within four months of the period end and half-yearly reports within two, under Article 68 of the UCITS Directive. So a change can become public three to twelve months after the platform made it. Reading each statement as it is published narrows that gap.
How many sub-advisors were hired in 2025?
Statements for periods ending in 2025 disclose 204 sub-advisor appointments and 199 terminations at Irish and Luxembourg UCITS platforms, with same-group changes excluded. Statements for 2026 periods so far disclose 145 appointments and 128 terminations.
Ready to see the seats before they open?
Dakota Marketplace tracks every sub-advisory change in Ireland and Luxembourg as the filings land:
- Hire and fire history: 676 appointments and terminations from 2025 and 2026 statements, plus earlier history, classified as additions, replacements, removals and exits
- Every external seat: 2,036 seats by sub-fund, strategy and incumbent manager, so you can see what changed and who holds it now
- New-manager signals: 700+ manager firms appearing on European platforms that are new to Dakota
- The full platform list: 125 platforms and ManCos, with sub-advised assets and service providers
- The decision-makers: fund-board, ManCo-board and conducting-officer roles at 103 platforms
Book a Demo to see which European sub-advisory seats have changed recently, and where your strategy fits.
Related reading: Top 10 UCITS Sub-Advisory Platforms in Europe · Who Picks the Sub-Advisor? · What LGPS Funds Are Buying in 2026
