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Outflows from Woodford funds hit £2 billion

by Daniel Grote on Dec 10, 2013 at 07:45

Outflows from Woodford funds hit £2 billion

Outflows from Neil Woodford’s Invesco Perpetual Income and High Income funds have hit nearly £2 billion since the star fund manager announced his departure, according to reports.

The two funds have seen their combined assets slip from £24.3 billion to below £22.9 billion since 15 October, according to the Financial Times. Taking into account market movements over that period, outflows have hit around £1.95 billion, or 8% of the funds’ assets.

The Income fund has been the hardest hit, losing 12.8% of its assets, while the High Income fund has lost 4.4%.

Invesco told the FT that the level of redemptions was ‘at the positive end of our expectations’.

Mark Barnett will take over the funds when Woodford leaves in April to set up his own fund group.

2 comments so far. Why not have your say?

Bert Poppins

Dec 10, 2013 at 09:35

Good to see all those competitor fund manager bonuses racking up for the simple reason that another manager left! Who said fund management wasn't style over substance?

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Fund Manager via mobile

Dec 10, 2013 at 09:39

@BP: And is it any different in any other industry?

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