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 Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Play Henderson's Hermon: how to be defensive in smaller caps

Henderson's Hermon: how to be defensive in smaller caps

Hermon, who manages the Henderson Smaller Companies trust, talks about he will tackle a 'challenging' 2016.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter