Ex-Liontrust chief launches first fund under new venture

Nigel Legge, former chief executive of Liontrust, has launched his first fund with his new asset management company, Vinculum.

The IM Vinculum Global Equity fund is scheduled for launch in January 2012 and will be the first sub-fund of a Financial Services Authority-registered Oeic.

The fund will be composed of 50 globally-listed stocks and will be designed to provide long-term capital appreciation in excess of its MSCI World TR index benchmark.

According to Vinculum, the only fixed charge will be an annual operating charge of 0.25 per cent of funds under management. Minimum investment is £1,000.

A 20 per cent performance fee on the relative outperformance during a quarter will be paid where any of the funds in the range outperform their relevant benchmarks.

Legge said: “There are an awful lot of things about our industry that investors are beginning, justifiably in my opinion, to rail against – unfair pricing, inconsistency of intra-company process across products, underperformance due to human error, the overly hubristic trading culture and much more besides. 

“With Vinculum we are looking to shake things up a bit, put these things right and offer investors real value for money.”

Vinculum has been launched by Legge, together with StockRate Asset Management chief executive Bjarne Jensen; Niels Jensen, managing partner of Absolute Return Partners; and marketing and communications specialist Douglas Thursby-Pelham.

The asset management company “will specialise in the construction and active management of long-only equity portfolios”, and will have “global usership and branding rights” to StockRate Asset Management’s investment process.