View the article online at http://citywire.co.uk/money/article/a725003
Neil Woodford to relaunch through Oakley Capital
Neil Woodford is moving to Oakley Capital where he will get the help of serial entrepreneur Peter Dubens to launch his new firm.
Neil Woodford, Britain's best-known fund manager, has forged an alliance with serial entrepreneur Peter Dubens to get his new firm off the ground
Woodford will join Oakley Capital, an investment firm founded by Dubens, in May as soon as his contract with Invesco Perpetual ends.
The move is a coup for west London-based Oakley whose website says it has over $1 billion (£610 million) under management. This is far less than the £30 billion Woodford has run in his Income and High Income funds at Invesco Perpetual and quite a bit less than the amount Woodford should attract when he launches his first fund.
However, in joining forces with Oakley Woodford gains access to Dubens, who has made his fortune launching and selling a string of businesses, including 365 Media Group and Pipex Communications. He started his business career in the Eighties sellling hypercolour t-shirts.
Woodford has previously backed Dubens as Invesco Perpetual, where he is head of equities, is the largest shareholder in Oakley Capital Investments, owning 30% of the AIM-listed private equity fund.
Woodford will set up a new company affiliated to Oakley. According to a statement from Oakley he will use its 'infrastructure' to establish a standalone investment boutique.
Dubens said: 'I am delighted Neil is joining and we fully support his desire to create his own transformational asset management business soon after joining Oakley Capital. We will fully support the transition and in the meantime we will provide an environment in which Neil can have the autonomy and flexibility to best serve the interests of clients.'
The news comes as Invesco Perpetual sells shares in a number of Woodford's holdings to geneate cash for the £2 billion or so that investors have withdrawn from his funds since he announced his resignation in October.
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by Daniel Grote on Feb 09, 2016 at 14:32