View the article online at http://citywire.co.uk/money/article/a718875
Woodford investors withdraw £450m from Income fund
The bulk of the money withdrawn from Neil Woodford's investors has come from just one of his funds, says Invesco Perpetual.
The bulk of the money pulled by investors in departing fund manager Neil Woodford has come from just one of his funds, Invesco Perpetual has revealed.
New figures from Invesco Perpetual show that just over £500 million was withdrawn by investors last month after star fund manager Woodford announced he was leaving the company.
That is in line with the 4% redemption (withdrawal) figure Invesco Perpetual released earlier this month in relation to the £24 billion Woodford manages in its Income and High Income funds. At the time the firm explained it was not imposing a charge on investors who sold out, although it had 'swung' the funds to a 'bid' price to ensure that costs caused by departing unit-holders were evenly shared.
What is surprising is that £446 million of the net outflows reveled today came from the Invesco Perpetual Income fund, leaving it with assets of £10.2 billion at the end of the month.
By contrast the Invesco Perpetual High Income fund suffered redemptions of just £61 million in October, leaving it with £13.9 billion of investors money.
The disparity is puzzling as the funds both yield an income of around 3.4% and over three years have an identical performance, returning a total return of 48.2%.
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by Daniel Grote on Feb 09, 2016 at 14:32