Russell Harrop has become the first senior departure from Woodford Investment Management, leaving his position as an investment strategist for the star manager.
Harrop was one of Neil Woodford’s first hires on the investment side of his new venture, and one of the few not to have worked alongside him at Invesco Perpetual.
Woodford (pictured) instead recruited Harrop from Bank of America Merrill Lynch, where he had worked since 2008. There he produced a ‘best ideas’ portfolio of buy and sell global equity recommendations, claiming a 17% compound annual growth rate from his portfolio.
At Woodford Investment Management, Harrop focused on stock research and analysis; he described himself as ‘Neil Woodford’s right hand investment man as the business was rolled out’.
A spokesperson for the firm told Wealth Manager: ‘Russell joined Woodford Investment Management on a four-month contract to provide investment research and trade management support following the launch of the firm in May – a period of rapid growth and transition. The firm is now up and running and we would like to thank Russell for the invaluable support he gave us when we started.’
Earlier in his career Harrop was a Japanese equities specialist, managing such funds at Hill Samuel Asset Management and EN Asset Management.
Woodford’s senior investment team now comprises the former Invesco Perpetual triumvirate of Paul Lamacraft, Saku Saha and Stephen Lamacraft.
Citywire A-rated Woodford has enjoyed early success with his new fund, attracting strong flows and generating above-average returns in its first three months.
The CF Woodford Equity Income fund, which now has more than £2.5 billion of assets under management, has returned 3.1% since inception compared with a loss of 0.3% from its UK equity income peer group.