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 Volatility is back, Europe's future & Ethical's key moment

Volatility is back, Europe's future & Ethical's key moment

This week’s episode of Investment Pulse takes a look at European prospects, FTSE volatility and whether public pressure is about to provide a push for ethical investment

Play Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the Fed

Winter market warmers, the post QE world and timing the Fed

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a US Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Wealth Manager on Twitter