Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a740429

Nigel Legge’s ‘no performance, no fee’ venture shuts Vinculum shop

by Eleanor Lawrie on Mar 13, 2014 at 12:18

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 here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Investing for income in a changing environment


With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop

More about this:

Look up the shares

  • Liontrust Asset Management PLC (LIO.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

More from us

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet