View the article online at http://citywire.co.uk/money/article/a733374
Neil Woodford to launch income fund in May
New fund will replicate Woodford's current Invesco Perpetual Income fund.
Neil Woodford will to launch a new income fund in late May, designed to replicate the Invesco Perpetual Income fund that the highly-regarded fund manager currently runs.
Citywire A-rated Woodford, whose new investment firm Woodford Investment Management will go live in early May after he leaves Invesco, will launch the fund with an offer period running from the beginning of May through to late May.
An employee at the new business confirmed the launch and said it would be run in a similar nature to the fund that Woodford has run for the past 25 years. Last month Woodford Investment Management (WIM) was established at the same London address as Oakley Capital, the private equity house that is backing the business.
Over the past three years Woodford's £9.4 billion Income fund fund has posted a 47.7% return versus a 36.8% rise for the average fund in that sector. The £13.6 billion High Income fund is up 47.3% over the same period versus 36.8% by the UK Equity Income sector.
Back in October Invesco announced that Woodford would leave at the end of April to launch a rival fund management group.
Citywire AA-rated Mark Barnett will lead the Invesco Perpetual UK equity team after Woodford's (pictured) departure, assuming control of the Invesco Perpetual High Income and Invesco Perpetual Income funds.
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