Together with methyltransferase TRM7, methylates the 2'-O-ribose of nucleotides at position 34 of the anticodon loop of substrate tRNAs. Required for the correct positioning of the substrate tRNA for methylation. Also plays a role in the regulation of the retromer complex and is required for the recycling of plasma membrane proteins like CAN1 and MUP1 from endosomes. Involved in regulation of Ty1 transposition