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Neil Woodford to join Oakley Capital

Neil Woodford to join Oakley Capital

Neil Woodford is to join Oakley Capital, the investment firm which owns part of Time Out magazine.

Woodford (pictured), will set up a new venture affiliated to Oakley at the start of May following his exit from Invesco Perpetual. He will leverage off Oakley's investment infrastructure to establish a standalone investment boutique.

In a statement Oakley Capital said the infrastructure would be in place to allow Woodford to run retail and institutional clients’ money immediately after his employment with Invesco terminates at the end of April.

Commenting on the appointment, Oakley director Peter Dubens said: 'I am delighted Neil is joining and we fully support his desire to create his own transformational asset management business soon after joining Oakley Capital.

'We will fully support the transition and in the meantime we will provide an environment in which Neil can have the autonomy and flexibility to best serve the interests of clients.'

Invesco Perpetual is the largest shareholder in Oakley Capital Investments - owning 30% of the AIM-quoted private equity fund -which provides investors access to the flagship investment strategy of Oakley Capital Private Equity. It is not clear how much of Woodford's High Income and Income funds own of this stake.

The move to Oakley raises the possibility that product launches from Woodford's new outfit may have some kind of private equity remit.

Woodford's interest in private equity has grown significantly in recent years and his exposure to the asset class hit a record high in 2011. 'We're bumping into a number of interesting investments that haven't been quoted,' he said at the time.

The news comes as Invesco Perpetual sells significant positions in a number of Woodford's holdings to cater for some £2 billion of outflows triggered by his resignation in October.  

Earlier this week the firm sold at £36 million stake in small cap property developer Macau Property Opportunities, which followed big disposals in the likes of CapitaDrax and Provident Financial.

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Neil Woodford
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14/83 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: 58.97%
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