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Woodford attracts £1.6bn for new fund

by Jun Merrett on Jun 25, 2014 at 14:29

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.

5 comments so far. Why not have your say?

Gillian Cardy

Jun 25, 2014 at 15:35

CF - hmmm ... Invesco Perpetual put things right without blaming advisers when they had some "little local difficulties" with their funds - let's hope CF can be expected to do the same if the situation ever arises here ... and let's hope that advisers' loyalty to Mr Woodford doesn't backfire on them.

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Aunty Tacky

Jun 25, 2014 at 16:15

Cheap shot from our IFA CHAMPION ( or is that former? ). Maybe there was more than Invesco Perpetual with little local difficulties.

Typical English attitude. Can't just say well done to Neil and wish him all the best in what is looking like a very attractive proposition.

Doom and gloom obviously flies through the veins - maybe a spill over from Brazil!

Do I detect a woman scorned.

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Jun 25, 2014 at 17:37

Not a cheap shot at all.

For all the comments on Citywire about due diligence you�d have to be stark, staring mad to want to allocate your clients� money to an ACD with the reputation of CF.

Their track record, and support of advisers, speaks for itself. Should anything EVER go wrong with one of their funds be under no illusion......you�re on your own. And the FCA will also dance on your grave.

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trevor webster

Jun 26, 2014 at 05:56

Neil Woodford is a winner with a successful track record of helping his clients grow their wealth. This should be applauded in this era of meagre growth, low interest rates and under performing pension plans. Here's to another 25 years of success Neil!

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Irritable Vowels

Jun 26, 2014 at 11:48

Indeed, best wishes to Mr Woodford. Successful track record indicative of someone good at what they do.

CF, on the other hand. Oh dear (but that's only based on my own knowledge, observations and personal experience whenever I've had to deal with any part of Capita).

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