Neil Woodford’s new firm Woodford Investment Management has cut ties with private equity backer Oakley Capital Management and set out the fees for its new fund.
In December 2013 it was reported that Woodford would team up with Oakley founder Peter Dubens to launch his new venture.
Woodford Investment Management received authorisation from the Financial Conduct Authority last week and will launch its first fund, the CF Woodford Equity Income Fund, on 2 June.
Oakley has no stake in the business and the two firms no longer have an operational relationship.
Woodford Investment Management chief executive Craig Newman said: ‘We would like to thank Peter Dubens and his team at Oakley Capital Management for their support with the launch of Woodford Investment Management.’
The fund will have four share classes with annual management charges (AMC) of 1% for its A share class (direct investors) , 0.75% for the C share class (advisers and platforms), 0.65% for the Z share class (for big platforms) and 1.5% for the X share class (legacy insurance funds).
There will be no initial or exit fees.
The fund’s pre-launch offer period will run from 2 June to 19 June 2014, with units priced at £1.
Woodford (pictured) said: ‘I will run this new fund in the same way that I have always run money, adopting the same philosophy and the same long-term approach. My passion and energy have never been stronger. Woodford Investment Management has a culture and an environment that gives me the opportunity to focus on investing – and to build a business committed to its clients’ long-term interests.’
To hear more from Woodford on his new venture, click here.