What Thesis UNIT Trust Management Ltd. does

Thesis Unit Trust Management Ltd., operating under the trading name Tutman, is a UK-based Authorised Corporate Director (ACD) that provides fund management, administration, and regulatory oversight services for collective investment schemes. The group operates through three FCA-authorised entities — Thesis Unit Trust Management Limited (FRN 186882), TUTMAN LLP (FRN 612721), and Tutman Fund Solutions Limited (FRN 122401) — collectively managing approximately 100 funds with £12 billion in assets under management across 23 fund managers, structured as Open Ended Investment Companies (ICVCs) and Unit Trusts.

The company's core technology is a traditional collective investment scheme management platform that delivers fund administration, FCA compliance, and regulatory reporting services, including KIIDs, NURS-KIIs, Assessment of Value reports, and TCFD disclosures. Tutman follows an open-architecture investment approach, enabling it to host schemes ranging from novel to traditional structures on behalf of third-party fund managers. The company does not actively promote or distribute funds; instead, investors access its funds through independent financial advisers, wealth managers, and UK investment platforms, making it a B2B2C infrastructure provider to the UK asset management industry.

Tutman generates revenue primarily through recurring fees on assets under management, including the Annual Management Charge and the Ongoing Charges Figure (OCF), with additional dilution levy/adjustment income on investor transactions. Founded in 1998 and headquartered in Chichester (registered in England and Wales), Tutman operates with 11-50 employees and became part of the broader Thesis Group following the acquisition and rebranding of Evelyn Partners Fund Solutions Limited into Tutman Fund Solutions Limited. The company's competitive position is anchored by FCA authorisation across multiple entities, established scale across 100 funds, and integrated distribution via the IFA channel.

Name

Thesis UNIT Trust Management Ltd.

Legal name

Thesis Unit Trust Management Limited

Website

https://tutman.co.uk

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

Tutman is a UK Authorised Corporate Director providing fund administration and FCA-regulated oversight for approximately 100 collective investment schemes holding £12 billion AUM, serving third-party fund managers and distributing through independent financial advisers and investment platforms.

Ownership category

akta.pro rank

Product category

Authorised Fund Management

NAICS

Trust, Fiduciary, and Custody Activities (523991), Trusts, Estates, and Agency Accounts (52592), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate & Institutional Trust Services (FSAAANAB)

akta.pro secondary industry

Transfer Agency & Shareholder Recordkeeping (FSAAAMAA)

Keywords

• Authorised fund management
• Collective investment schemes
• Unit trust management
• Fund administration services
• ACD services

Headquarters

HQ city

Chichester

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Annual Management Charge: Ongoing fee paid to the management company for managing the fund, usually charged as a percentage of the investment. This is the standard revenue model for authorised fund managers operating collective investment schemes.
2. Fund Operating Charges: Operating Charge / Ongoing Charges Figure (OCF) includes the fee paid to the management company and other operating costs. Additional charges may include dilution levy/adjustment when investors buy or sell shares/units in the fund.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Thesis UNIT Trust Management Ltd. (Tutman) is a UK-based Authorised Corporate Director (ACD) that creates and operates collective investment schemes, including unit trusts, ICVCs (Open Ended Investment Companies) and Non-UCITS retail schemes. The company provides fund administration, compliance, regulatory reporting and Authorised Corporate Director services for approximately 100 funds with £12 billion in assets under management across 23 fund managers. Tutman does not actively promote or distribute the funds it operates; investors access the funds via independent financial advisers, wealth managers and investment platforms.

Product overview

Tutman is a UK-based authorised fund manager operating under Thesis Unit Trust Management Limited, TUTMAN LLP, and Tutman Fund Solutions Limited. The company provides authorised corporate director services for collective investment schemes, managing a portfolio of approximately 100 funds with £12 billion in assets under management across 23 fund managers. The investment approach emphasizes open architecture, flexibility, and innovation. Fund offerings include ICVCs, unit trusts, and investment trusts covering various asset classes and strategies. Tutman is authorised and regulated by the Financial Conduct Authority (Firm Reference Numbers: 186882, 612721, 122401).

Differentiator

Problem solved

Functional benefit

Brands

• St Vincent Street Fund Administration: A trading name of Tutman Fund Solutions Limited

Products and services

• Collective Investment Schemes (Unit Trusts, ICVCs and Investment Trusts) Pooled investment vehicles managed by Tutman entities, including unit trusts and Open Ended Investment Companies (ICVCs), available to professional and individual investors through independent financial advisers and investment platforms.
• Authorised Corporate Director (ACD) Services Authorised Corporate Director services provided to third-party fund managers and the Tutman group, encompassing scheme creation, ongoing oversight, fund administration, FCA compliance and regulatory reporting.
• Tutman Fund Literature Portal Access point for scheme documentation and disclosure materials required by FCA regulations, made available to investors, advisers and the public for information purposes.

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Evelyn Partners Fund Solutions Limited (now Tutman Fund Solutions Limited)coreOthersEvelyn Partners Fund Solutions Limited (EPFL) is now part of the Thesis Group and has changed its name to Tutman Fund Solutions Limited. This represents a restructuring within the Thesis Group rather than an external partnership. Funds formerly operated by EPFL are now managed under the Tutman umbrella.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Link Group (Link Fund Solutions): Link Fund Solutions is one of the largest UK Authorised Fund Managers / Fund Administration platforms, providing ACD, platform, and corporate services to UK retail funds — directly comparable to Tutman's ACD and fund administration offering across unit trusts and ICVCs.
• Waystone: Waystone is a global ManCo/ACD platform serving investment managers with fund hosting, regulatory hosting, and ACD services — directly comparable to Tutman in providing turnkey ACD/fund operations for third-party fund promoters across the UK and EU.
• IQ-EQ: IQ-EQ is a global fund administration, fiduciary, and ACD services provider serving investment managers in the UK and Europe — directly comparable to Tutman's fund administration and corporate director services for UK collective investment schemes.
• SS&C Technologies: SS&C provides global fund administration, transfer agency, and ACD/MFM services to investment managers — directly comparable as a competing platform that provides UK and European fund servicing infrastructure at greater scale than Tutman.

Broad incumbents

• Apex Group: Apex Group is a large global fund services platform offering administration, custody, depositary, and ACD-equivalent services across multiple jurisdictions — overlaps with Tutman as a broad incumbent in fund administration and corporate services.
• Northern Trust: Northern Trust provides global custody, fund administration, and asset servicing for institutional and retail asset managers — broadly comparable to Tutman as a large incumbent offering similar fund servicing and custody-adjacent capabilities with broader geographic reach.
• BNY Mellon Fund Services: BNY Mellon Investment Servicing provides global fund accounting, administration, and transfer agency for asset managers — broadly comparable to Tutman's fund administration and shareholder recordkeeping functions for collective investment schemes.
• CACEIS: CACEIS is a major European asset servicer offering custody, fund administration, depositary, and transfer agency services — broadly comparable to Tutman as a large incumbent in European fund servicing with overlapping ACD-adjacent capabilities.
• Thesis Asset Management: Thesis Asset Management is the parent group of Tutman, providing multi-affiliate investment management and platform services — comparable as the parent brand under which Tutman operates and a related UK wealth/investment platform.

Regional players

• Sanlam Investments UK: Sanlam Investments UK operates a UK-based investment platform with CIS fund ranges and third-party distribution — comparable as a regional player offering similar UK-focused unit trust/ICVC operations through adviser channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thesis UNIT Trust Management Ltd.