Neil Woodford Joins Oakley Capital

The best-known and most-popular income fund manager Neil Woodford has confirmed he is joining Oakley Capital two months after he quit Invesco Perpetual

Emma Wall 19 December, 2013 | 9:39AM
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Star income manager Neil Woodford has confirmed he will be joining Oakley Capital from May 1. Oakley Capital is an asset management and financial advisory business, led by internet entrepreneur Peter Dubens. 

In a statement released this monring Dubens said he was delighted Woodford was joining and he fully supported Woodford's 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," he continued.

Invesco Perpetual is currently the largest shareholder of Oakley Capital. Oakley has more than $1 billion assets under management, and owns the Time Out group of publications. It is expected that Woodford will be involved in the running of Oakley's private equity arm.

Woodford will leave Invesco on April 29 after 25 years employment. He currently runs the highly successful Invesco Perpetual Income (Under Review) and High Income (Under Review) funds, which will be taken over by Mark Barnett following a six month transition. At the time of quitting assets under management totalled £24 billion between the two funds.

But since Woodford announced his plans the funds have seen mass outflows. Former investor favourites Income and High Income have  seen outflows of £1.4 billion in the month to December 11.  Despite Woodford not leaving the asset manager where he has spent the last 25 years until April, investors are voting with their feet and fleeing in their droves.

At the time, Woodford said that he left Invesco on good terms and remained fully committed to his fund management responsibilities.

"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 April 29, 2014," he said.

 

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Invesco UK Eq High Inc UK Inc329.35 GBP-0.84Rating
Invesco UK Equity Inc UK Inc1,305.20 GBP-0.88Rating

About Author

Emma Wall  is former Senior International Editor for Morningstar