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: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter