Welcome to our new website! Let us know what you think..

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

Related Fund Managers

Paul Jourdan
Paul Jourdan
41/43 in Equity - UK Smaller Companies (Performance over 3 years) Average Total Return: 30.44%
Douglas Lawson
Douglas Lawson
40/43 in Equity - UK Smaller Companies (Performance over 3 years) Average Total Return: 30.44%
David Stevenson
David Stevenson
18/51 in Equity - UK Smaller Companies (Performance over 1 year) Average Total Return: 17.51%
Citywire TV
Play BlackRock UK Special Sits: when will we sell our star holdings?

BlackRock UK Special Sits: when will we sell our star holdings?

What would prompt Roland Arnold to sell the likes of Ashtead and Howden?

Play AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

Henderson International Income trust manager Ben Lofthouse shares his thoughts on recent developments in the tobacco sector in this video.

1 Play Renewable energy: what I found on my solar farm trip

Renewable energy: what I found on my solar farm trip

Renewable energy is attracting a lot of investor interest, so I headed to the UK's largest solar farm to find out more.

Your Business: Cover Star Club

Profile: how Matthew Butcher is carving a new role at Dart Capital

Profile: how Matthew Butcher is carving a new role at Dart Capital

The wealth management industry is undergoing a profound period of change: whether it wants to admit it or not.

Wealth Manager on Twitter