Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Phoenix puts UK investment trust launch plans on ice

Phoenix puts UK investment trust launch plans on ice

Phoenix Asset Management has delayed plans for a mirror investment trust to its top performing Phoenix UK fund.

The boutique's existing mutual fund is Bahamas-domiciled with a concentrated portfolio of 15-20 UK listed all cap stocks and takes a value-based approach. The closed end version would have been UK listed, and like its open ended counterpart managed by Gary Channon, who co-founded Phoenix Asset Management in 1998.

'We did some test marketing and have decided not go ahead with at the moment, but we are reviewing our options and it may or may not happen in the future,' a spokesperson for the firm said.

Since launch in 1998, the Phoenix UK fund's net asset value has risen by 343% compared with a rise of 117.6% for the FTSE All Share. Last year the fund gained 31.3% compared to a 20.9% rise by the FTSE All Share.

The minimum initial subscription is £100,000 and investors are institutional and high net worth individuals, while management fees are 1% per annum of the Fund’s NAV and performance fees are 20%, above the previous high water mark adjusted for inflation.

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 Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter