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Woodford attracts £1.6bn for new fund

Woodford attracts £1.6bn for new fund

Woodford Investment Management has attracted £1.6 billion in inflows during the offer period for its CF Woodford Equity Income fund.

The offer period began on 2 June and closed at noon on 19 June. Daily pricing of the fund started on 20 June.

Craig Newman, chief executive of Woodford Investment Management, said the company wanted to be transparent so will publish the fund’s entire portfolio by mid-July.

‘We understand the great responsibility we have been given to deliver the long-term investment returns the investors anticipate and we are committed to achieving that objective,’ he said.

Star manager Neil Woodford left Invesco Perpetual in April to set up Woodford Investment Management. The firm initially teamed up with private equity backer Oakley Capital Management but the two parties went their separate ways in May.

Woodford (pictured), head of investment at Woodford Investment Management, said his focus for the fund was to find companies with ‘immense’ potential and offer ‘fantastic’ investment value.

‘I am really excited with the portfolio that I have been able to build for this fund… My entire focus is finding companies that I believe can deliver long-term value to the investors that have the confidence to invest in my fund.’

Over the past few months platforms have scrambled to secure the best terms for the Woodford Equity Income fund. Hargreaves Lansdown negotiated the best rate to offer the fund at 60 basis points (bps), with Skandia and Standard Life securing the fund at 65bps.

Rival Cofunds, however did not get access to the special ‘Z’ share class and gained access to the fund’s standard clean share class at 75bps.

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Neil Woodford
Neil Woodford
87/87 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: -1.43%
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