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View the article online at http://citywire.co.uk/wealth-manager/article/a754101

Woodford seeks talks with Invesco on multibillion-pound share deal

by Dylan Lobo on Jun 02, 2014 at 07:57

Woodford seeks talks with Invesco on multibillion-pound share deal

Neil Woodford has invited talks with his former employer over the potential transfer of some of his favourite holdings to his new firm.   

Woodford, who left Invesco Perpetual to set up his own investment company earlier this year, confirmed he was open to talks in article in the Sunday Times.

There is concern that if his successor on the Invesco equity income franchise, Mark Barnett, is forced to sell holdings to cater for outflows, it could spark substantial volatility and potential liquidity crisis in certain small caps.

Woodford, who managed £33 billion for Invesco Perpetual, retains major exposure to a number of these stocks through the £3.7 billion mandate he runs on behalf of St James’s Place.

These include Raven Russia, e-Therapeutics, Oxford Pharmascience, Breedon AggregateHomeserve and Burford Capital.

Woodford told the Sunday Times: ‘After 26 years, leaving Invesco was going to be quite a shock to the system – both for me and them.

‘Clearly if you are motivated by the interest of your client, you want to keep the friction costs of moving as low as possible.

‘To do that, you have to have two consenting adults. I am sure there will be an accommodation.'

Woodford’s new fund, the Woodford Equity Income fund, launched today.

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  • E-Therapeutics PLC
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  • Oxford Pharmascience Group PLC
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  • Breedon Aggregates Ltd
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  • Burford Capital Ltd
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  • Neil Woodford
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