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Phoenix puts UK investment trust launch plans on ice

by Eleanor Lawrie on May 20, 2014 at 10:30

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.

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