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
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter