Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Amati drops VCT performance fees

Amati drops VCT performance fees

Amati Global Investors has waived its right to performance fees on the two venture capital trusts (VCTs) it manages.

A performance fee of 20% had been applicable above both an 8% hurdle rate for each reporting period and the first 20% of return since inception.

The VCTs’ boards reported that ‘nothing was sought by the manager from the company in return and no consideration or compensation was paid in relation to the waiver’.

They concluded that following the changes ‘the Amati VCTs will be amongst the most compelling and straightforward VCT offerings available to investors’.

No performance fee had been accrued by the original £41 million Amati VCT on its year end at 28 February 2014, although its board noted that ‘a modest degree of continued performance would have meant that a performance fee would have started to accrue during the current financial year’.

On the £36 million Amati VCT 2, a fee of £152,488 had been earned for performance to 31 January 2014 while one of £1,270,968 becomes payable if performance is sustained until 31 July 2014.

Both VCTs are managed by Paul Jourdan (pictured), Douglas Lawson and David Stevenson. Amati VCT has returned 2.4% over the past three years, and Amati VCT 2 31.5%, while the FTSE AIM All Share index has lost 6.5%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Paul Jourdan
Paul Jourdan
41/45 in Equity - UK Smaller Companies (Performance over 3 years) Average Total Return: 40.93%
Douglas Lawson
Douglas Lawson
42/45 in Equity - UK Smaller Companies (Performance over 3 years) Average Total Return: 40.93%
David Stevenson
David Stevenson
40/45 in Equity - UK Smaller Companies (Performance over 3 years) Average Total Return: 40.93%
Citywire TV
Citywire TV
Citywire TV
Play Sam Vecht: the best opportunities in frontier markets

Sam Vecht: the best opportunities in frontier markets

Blackrock's Vecht evaluates frontier markets and explains where he sees the opportunities

Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Your Business: Cover Star Club

Profile: meet the man building Towry into an £11bn giant

Profile: meet the man building Towry into an £11bn giant

As a former engineer who worked on Hong Kong International Airport, Rob Devey is not afraid of taking on major projects

Wealth Manager on Twitter