Troy Asset Management

What Troy Asset Management does

Troy Asset Management Limited is a London-based, privately owned investment boutique founded in 2000 by the late Lord Weinstock and Sebastian Lyon. The firm manages approximately £6–7bn of assets across a focused range of long-only strategies spanning multi-asset (Trojan Fund, Trojan Ethical Fund, Trojan Fund Ireland, Trojan Fund Europe, Trojan Exclusions Fund, Personal Assets Trust), UK equity income (Trojan Income Fund and variants), global equity income (Trojan Global Income Fund and STS Global Income & Growth Trust) and global equity (Trojan Global Equity Fund, Electric and General Fund). Troy's flagship Trojan Fund, launched 31 May 2001, reached £5,035m AUM by 31 May 2026 and delivered +401.9% cumulative return vs +378.3% for the FTSE All-Share TR, with materially lower volatility (6.0% vs 13.3% annualised) and a maximum drawdown of -13.7% vs -45.6%.

The firm's revenue model is straightforward: recurring management fees on AUM, with ongoing charges of 1.01%/1.02% on O share classes, 0.86%/0.87% on X platform share classes, and a lower-fee 'S' share class dedicated to UK registered charities. Troy serves a diversified client base including family offices, wealth managers, investment advisers, institutional investors (via direct sales and consultant channels), and approximately 90 UK charity clients — universities, religious and medical charities, livery companies and endowments — collectively accounting for c. £1bn AUM. Distribution is multi-channel: direct institutional relationship management, investment platform distribution, and a dedicated charity team, supported by content marketing (quarterly Investment Reports, Special Papers), webinars, press, podcasts and ESG-focused initiatives. Troy is FCA-authorised (FRN 195764) and SEC-registered (CRD 319174), with all executive directors and fund managers as significant shareholders, ensuring alignment with client outcomes.

Name

Troy Asset Management

Legal name

Troy Asset Management Limited

Website

https://taml.co.uk

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

51–100 employees

Short description

Troy Asset Management is a London-based, employee-owned investment boutique managing c. £6–7bn across long-only multi-asset, UK/global equity income, and global equity strategies for family offices, wealth managers, advisers, institutions, and UK charities.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Target-Risk / Risk-Managed Allocation Funds (FSAAAEAG)

akta.pro secondary industries

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD), Large-Cap Equity (Active) (FSAAAIAA)

Keywords

• Investment management
• Multi-asset funds
• Equity income funds
• Ethical investing
• Charity investment management

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Management Fees: Annual management charges applied to fund assets under management. Trojan Fund 'O' shares: 1.01%, 'X' shares: 0.86%. Trojan Ethical Fund 'O' shares: 1.02%, 'X' shares: 0.87%. Lower charges for charity S share class.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Troy Asset Management is a privately owned, independent investment boutique that manages multi-asset, UK equity income, global equity income, and global equity strategies for institutional clients, family offices, wealth managers, and UK charities. Its flagship Trojan Fund aims to protect investors' capital and grow its value in real terms over the long term through cautious asset allocation and selection of high-quality companies at fair valuations. The firm offers O, X, and S share classes — including a dedicated lower-fee S share class exclusively for UK registered charities.

Product overview

Troy Asset Management is a privately owned, independent investment boutique offering a focused range of investment funds. The product portfolio comprises four main strategy categories: Multi-Asset (including Trojan Fund, Trojan Ethical Fund, Trojan Fund Ireland, Trojan Fund Europe, Trojan Exclusions Fund, and Personal Assets Trust), UK Equity Income (Trojan Income Fund, Trojan Ethical Income Fund, Trojan Income Fund Ireland), Global Equity Income (Trojan Global Income Fund, Trojan Ethical Global Income Fund, Trojan Global Income Fund Ireland, STS Global Income & Growth Trust), and Global Equity (Electric and General Fund, Trojan Global Equity Fund). The funds are available in UK-domiciled, Ireland-domiciled, and Investment Trust formats, with dedicated charity-focused 'S' Share Classes offering lower annual management charges.

Differentiator

Problem solved

Functional benefit

Products and services

• Trojan Fund Multi-asset fund aiming to protect investors' capital and grow its value in real terms over the long term through cautious asset allocation and careful selection of high-quality companies purchased at fair valuations. Fund size of £5,035m as at 31/05/2026.
• Trojan Ethical Fund Multi-asset ethical fund that aims to protect investors' capital and grow its value in real terms over the long term, excluding certain equities, bonds, and gold-related investments based on ethical exclusion criteria. Fund size of £1,029m as at 31/05/2026.
• Trojan Fund (Ireland) Ireland-domiciled version of the Trojan multi-asset fund offering.
• Trojan Fund Europe Multi-asset fund focused on European markets.
• Trojan Exclusions Fund Multi-asset fund with exclusion-based ethical screening.
• Personal Assets Trust Multi-asset investment trust focused on capital preservation and long-term growth.
• Trojan Income Fund UK equity income fund targeting regular income and capital growth from UK-listed companies.
• Trojan Ethical Income Fund Ethically screened UK equity income fund.
• Trojan Income Fund (Ireland) Ireland-domiciled version of the Trojan Income Fund.
• Trojan Global Income Fund Global equity income fund targeting income and growth from worldwide investments.
• Trojan Ethical Global Income Fund Ethically screened global equity income fund.
• Trojan Global Income Fund (Ireland) Ireland-domiciled version of the Trojan Global Income Fund.
• STS Global Income & Growth Trust Investment trust focused on global income and growth.
• Electric and General Fund Global equity fund focused on investments in electric and general sectors.
• Trojan Global Equity Fund Focused portfolio of global equities targeting long-term capital growth.

Quantifiable outcome

• Trojan Fund delivered +401.9% total return since launch (31/05/2001) vs +378.3% for FTSE All-Share TR
• +3 more outcomes

Named customers4 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and supporting.

• Net Zero Asset Managers InitiativecoreOthersTroy is a signatory to the Net Zero Asset Managers initiative, promoting the drive towards achieving net zero greenhouse gas emissions by 2050.
• United Nations Principles for Responsible Investment (UN PRI)coreOthersTroy is a signatory to the UN PRI, evidencing commitment to responsible stewardship of clients' irreplaceable capital.
• UK Stewardship CodecoreOthersTroy is a signatory to the 2020 UK Stewardship Code, demonstrating commitment to responsible stewardship practices.
• Climate Action 100+supportingOthersTroy participates in collaborative company engagements via Climate Action 100+ forum to drive positive impact on climate change.
• TCFD (Task Force on Climate-related Financial Disclosures)supportingOthersTroy supports TCFD recommendations for climate-related financial disclosures.
• Investor ForumsupportingOthersTroy collaborates with like-minded investors through the Investor Forum to extend influence and engagement.
• Girls Are INvestors (GAIN)coreStrategic or Co-development PartnerTroy is a founding sponsor of GAIN, a charity co-founded by Senior Fund Manager Charlotte Yonge. GAIN aims to promote diversity within the fund management industry by increasing female applicants for entry-level investment roles through online resources, school visits, and networking events.
• Carbon Offset Projects (Uganda and Kenya)supportingOthersTroy supports projects including rehabilitating boreholes in Uganda and reforestation in Kenya's Great Rift Valley to offset operational carbon emissions.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ruffer Investment Management: London-based, independent, cautious, multi-asset boutique with a long-term absolute-return philosophy — directly comparable to Troy on investment style, client base (private clients, family offices, charities) and fund structure.
• Newton Investment Management: London-based global active manager with global income and multi-asset strategies aimed at institutional and intermediary clients; directly comparable to Troy's Trojan Global Income franchise and a prior employer of Troy's James Harries.
• Witan Investment Trust: London-listed multi-manager investment trust with global and UK equity mandates; overlaps with Troy's investment-trust strategies (Personal Assets Trust, STS Global Income & Growth) and UK retail/institutional client base.
• Rathbones Group: UK wealth and asset manager with multi-asset and equity-income strategies serving charities, intermediaries and private clients; Troy's Trojan Income Fund and global equity strategies overlap materially with Rathbones' fund range and client mix.
• Sarasin & Partners: London-based, independent, ESG-integrated multi-asset and equity manager with strong charity and endowment franchise; highly comparable on responsible-investment positioning and UK institutional/charity client base.
• Ninety One (formerly Investec Asset Management): Global, active asset manager with multi-asset, UK and global equity strategies distributed to UK intermediaries, charities and institutions; competitive overlap with Troy's product set and a known prior employer of multiple Troy staff.
• J O Hambro Capital Management (JOHCM): UK boutique active manager offering multi-asset, income and equity strategies to institutional and intermediary clients; comparable in fund range, channel mix and target client segments (recent Troy BD hires were poached from JOHCM).
• Veritas Investment Management: UK boutique with concentrated, long-term global equity strategies; comparable in investment style (high-conviction, long-horizon, capital preservation) and UK intermediary/wealth client focus.
• Artemis Fund Management: UK-focused active boutique with UK equity income, global and multi-asset funds distributed via intermediaries and platforms; overlaps with Troy's UK Income and ethical strategies and is a prior employer of Troy's Janneke Munnik.

Broad incumbents

• Columbia Threadneedle Investments: Large global active manager with comparable UK equity income and multi-asset products; a broader incumbent whose UK retail and institutional ranges overlap with Troy's Trojan Income and Global Income strategies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/troy-asset-management-limited

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Troy Asset Management