Evelyn Partners has made major executive changes at its Bestinvest arm as it moves from being a DIY investment platform to a company focused on hybrid advice.

Bestinvest’s bi-annual Spot the Dog report, which names and shames poorly performing funds, has revealed that investors are paying £115m in fees a year to invest in 31 ‘dog’ funds.

Evelyn Partners, formerly Tilney Smith & Williamson, has reported a 6% decline in interim profits due to "challenging" market conditions.

Bestinvest, the D2C arm of Tilney Smith & Williamson, is to axe most ad hoc SIPP fees from 1 March as part of a wider shake-up of fees and services.