Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Invesco dumps £70m Capita stake as Woodford sell-off escalates

Invesco dumps £70m Capita stake as Woodford sell-off escalates

The Neil Woodford sell-off continues as Invesco Perpetual sold a sizeable stake in Capita on 5 December.

According to an announcement on the London Stock Exchange this afternoon, Woodford sold a stake worth almost £70 million in Capita. Invesco still owns 21% of the outsourcing giant and Capita's share price stood at £9.98 at 2pm today, 1% shy of its level a week ago.

Earlier in the day, Wealth Manager revealed that Invesco has trimmed a number of its holdings as redemptions in its income franchise escalated following Woodford's resignation in October.

The disposals include the entire stake in one of Neil Woodford’s favoured smaller companies Assura Group, an investor in medical property.

Invesco confirmed yesterday that it sold all of the 92 million shares held in the firm, which Woodford has owned for at least seven years. The sale on 5 December netted Invesco around £35 million, with Assura's share price at 11am standing at 38p, down 2.5% over the past week.

The fund house also revealed yesterday it has offloaded 1.3 million shares in Provident Financial, another of Woodford’s long-standing picks, for approximately £20 million. That disposal occurred on 5 December, and Provident Financial’s at 11am was 1.9% ahead over the past week at £16.26. Invesco has retained a 24% stake in the credit provider.

Meanwhile, another £22 million has been taken from Drax after Woodford sold 2.8 million shares in the power producer on 5 December. Invesco still owns 29% of Drax, whose share price has surged over the last week by 14.5% to sit on £7.84 at 11am today.

Woodford’s flagship Income and High Income funds have suffered significant outflows since his departure was announced in October, shedding more than £500 million in that month alone. The Financial Times has since estimated that Invesco has received redemptions worth more than £2 billion from Woodford’s funds over this period.

On the same day that Invesco sold its Assura stock, Artemis snapped up 43.6 million shares in the firm, taking its ownership of Assura from 8.8% to 17.1%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Neil Woodford
Neil Woodford
30/79 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: 58.33%
Citywire TV
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter