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.

Nigel Legge’s ‘no performance, no fee’ venture shuts Vinculum shop

Nigel Legge’s ‘no performance, no fee’ venture shuts Vinculum shop

Liontrust co-founder Nigel Legge’s ‘no performance, no fee’ venture Vinculum has closed less than three years after launching, Wealth Manager understands.

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter