The firm’s only offering, the £2.2 million Vinculum Global Equity fund, closed last month. Over the year to the end of January, it had returned 5.3%, compared to a 10.5% rise by the FTSE World Index.
The fund had no initial charge or annual management charge but levied a 20% performance fee if the fund outperformed its benchmark in any given quarter.
A letter to unitholders explained that since launch in January 2012, the fund had remained small so Vinculum and administrator Fund Partners deemed it ‘no longer economically viable to continue with’.
Niels Jensen of Absolute Return Partners, the sub-adviser on the fund, said: ‘They [Vinculum] did not raise enough assets so the fund was not economically viable and they decided to close it as a result. We have discontinued the relationship.’
As of last month, Vinculum Fund Management was no longer authorised by the FCA. Legge and partner Douglas Thursby-Pelham are no longer classified as ‘active’ on the FCA register.
Legge (pictured) co-founded Liontrust in 1994 and was its chief executive until June 2010. He declined to comment.