Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a709733

Woodford to launch fund firm after quitting Invesco Perpetual

by Dylan Lobo on Oct 15, 2013 at 14:17

Woodford to launch fund firm after quitting Invesco Perpetual

Neil Woodford is to leave Invesco Perpetual on 29 April to launch a rival fund management group. 

Citywire AA-rated Mark Barnett will lead the Invesco Perpetual UK equity team following A-rated Woodford's (pictured) departure, assuming control of the Invesco Perpetual High Income and Invesco Perpetual Income funds. 

The equity components of the Invesco Perpetual Monthly Income Plus and Invesco Distribution funds will be managed Ciaran Mallon, alongside the existing fixed income managers Paul Causer and Paul Read

Woodford will continue to work closely alongside Barnett to ensure a smooth transition over the next six months.  

The news brings the curtain down on Woodford's 25 years at the firm during which time he became the UK's leading fund manager and he feels the time is ripe to launch a new asset management firm.

'I leave the company on good terms and remain fully committed to my fund management responsibilities at Invesco Perpetual until my departure,' 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 29th April 2014.  

'There will be no further comment at this stage. Further announcements about the new business will be made after I have left.'

Invesco Perpetual chief executive Mark Armour described working alongside Woodford as a 'privilege' and that the firm had been preparing for this moment for some time.  

'We have planned for succession for many years and have built a world-class investment culture that develops and supports gifted and experienced managers,' Armour said.   

Sign in / register to view full article on one page

3 comments so far. Why not have your say?

Badders

Oct 15, 2013 at 14:56

So who will be managing Edinburgh Investment Trust?

report this

dlp6666

Oct 15, 2013 at 15:53

And what about the IP Equity Pension fund?

report this

David May

Oct 15, 2013 at 16:47

A very sad day. An excellent fund manager and a first class company, deserved one another.

report this

leave a comment

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

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets


From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

More about this:

Look up the funds

  • Invesco Perpetual High Income Inc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Invesco Perpetual Income Inc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Invesco Perpetual Monthly Income Plus Inc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Invesco Perpetual Distribution Acc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Look up the fund managers

  • Neil Woodford
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Ciaran Mallon
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Mark Barnett
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Paul Causer
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Paul Read
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet