Liontrust Vet Legge Launches Global Equity Fund

Nov 28 2011 | 8:24am ET

Former Liontrust Asset Management CEO Nigel Legge is back with a new vehicle, the long-only IM Vinculum Global Equity Fund.

Legge is working with Bjarne Jensen, current CEO of StockRate Asset Management; Niels Jensen, managing partner of Absolute Return Partners; and Douglas Thursby-Pelham, a marketing and communications specialist.

Vinculum will specialize in the construction and active management of long-only equity portfolios using StockRate’s proprietary investment process, StockR8, currently available only to Danish investors. The IM Vinculum Global Equity Fund will be composed of 50 globally listed stocks, and will be designed to provide long-term capital appreciation in excess of the MSCI World TR benchmark.

The new fund company, IM Vinculum Funds, expects to launch a series of funds, the Global Equity fund—which is to launch January 3, 2012—being the first.

Vinculum will charge an annual operating charge of 0.25% of funds under management, but no no management fees and will reward itself with a 20% performance fee only when its funds outperform the benchmarks against which they are measured. Minimum investment in each fund will be £1,000.

Said Legge: “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."

Said Jensen: “Our investment process offers an alternative and highly disciplined method of building more efficient equity portfolios—based on a deeper understanding of the mechanisms that drive long-term capital growth and a wholly objective means of identifying the companies that provide it.  Unlike virtually any other investment process, ours is built exclusively on known fact. We do not believe in forecasting or in valuation and are free of star fund manager risk. Our focus is on trying to eliminate human error from the investment process.”

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