Ex Liontrust chief Legge's Vinculum business closes

Vinculum Fund Management, launched by former chief executive of Liontrust Nigel Legge in 2011, has closed after failing to raise sufficient assets.

The firm, which was run on a ‘no performance, no fee' basis, has closed less than three years after launch, after its sole fund, the £2.2m Vinculum Global Equity, was liquidated last month. A letter to investors said: "Considering the small size of the FP Vinculum Funds we propose to terminate the fund on the basis that they are no longer commercially viable. The termination will commence on 11 February 2014." Vinculum Fund Management was no longer authorised by the Financial Conduct Authority (FCA) as of last month, and Legge and partner Douglas Thursby-Pelham are now classified as i...