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The bulk of the money withdrawn from Neil Woodford's investors has come from just one of his funds, says Invesco Perpetual.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New figures from Invesco Perpetual show that just over £500 million was withdrawn by investors last month after star fund manager Woodford announced he was leaving the company.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%.
News sponsored by:
The Citywire guide to investment trusts
In association with Aberdeen Asset Management
What can SLI bring to the table for those who want to put their money into investment trusts?
More about this:
Look up the funds
More from us
- Invesco left swinging as it denies 'levy' on Woodford sellers
- Neil Woodford, emerging markets and QE black holes
- Eight top income contenders for Woodford’s crown
- Woodford's High Income cut from Citywire Selection: here are some alternatives
- Investec exploits Woodford exit to up Edinburgh trust stake
- Investors seek alternatives after Woodford quits Invesco
- Neil Woodford to leave Invesco Perpetual
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add email@example.com to your safe senders list so we don't get junked.
by David Kempton on Apr 21, 2015 at 08:00