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Woodford to leave Invesco to launch own fund group
by Daniel Grote on Oct 15, 2013 at 14:17
Star fund manager Neil Woodford is to leave Invesco Perpetual in April next year to set up his own fund management business.
Woodford will be leaving Invesco after 25 years with the fund group. Woodford said: 'My decision to leave is a personal one based on my views about where I see long-term opportunities in the fund management industry.
'My intention is to establish a new fund management business serving institutional and retail clients as soon as possible after 29 April 2014.'
Invesco said that Woodford would manage the funds during a six-month transition period leading to his departure. At the end of that transition, Mark Barnett will take over the Invesco Perpetual High Income and Income funds. Invesco said there would be no change to the funds' investment objectives.
Ciaran Mallon is to take over management of the equity components of the Invesco Perpetual Monthly Income Plus fund and the Invesco Perpetual Distribution fund with immediate effect, alongside existing fund managers Paul Causer and Paul Read.
Invesco added that it could not comment on the intentions of the board of the Edinburgh Investment Trust , which Woodford also runs.
Invesco chief executive Mark Armour said that it had been a 'privilege' to work alongside Woodford. 'We have planned for succession for many years and have built a world-class investment culture that develops and supports gifted and experienced managers,' he added.
'Mark Barnett is an exceptional fund manager who has the same active, value-driven investment approach and long-term focus as Neil. A key member of the UK equities team for 17 years, Mark has a first-quartile track record over one, three and five years.'
Barnett will continue to run his Invesco Perpetual UK Strategic Income fund following the changes. Invesco said the Perpetual Income and Growth , Keystone and Select Trust plc UK Equity Portfolio investment trusts would also remain under his management subject to their boards' approval.
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Look up the funds
- Invesco Perpetual High Income Inc
- Invesco Perpetual Income Inc
- Invesco Perpetual Monthly Income Plus Inc
- Invesco Perpetual Distribution Acc
Look up the investment trusts
- Perpetual Income & Growth (Ordinary Share)
- Keystone (Ordinary Share)
- Edinburgh Investment (Ordinary Share)