Neil Woodford is to join asset management and financial advisory business Oakley Capital Management on 1 May after 25 years at Invesco Perpetual.
Oakley Capital has confirmed Woodford (pictured) will join the firm immediately after his employment with Invesco terminates on 29 April from which point it will provide the infrastructure to allow him to manage retail and institutional clients’ money.
Oakley Capital Management 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.”
Woodford, who heads up Invesco’s UK equities team, runs a total of around £30bn and is the UK’s best known and most successful fund manager and has proven hugely popular among pension funds thanks to his stellar track record. He became famous for his stolid refusal to buy into the technology story of the late nineties, something which earned him widespread respect when the bubble popped and markets plunged. He also spent most of the past decade warning investors of the high levels of property-related debt being built up within the banking system.
Mark Barnett will take over the Invesco Perpetual High Income and Income funds.
Meanwhile, Ciaran Mallon has already taken over management of the equity components of the Invesco Perpetual Income Plus fund and the Invesco Perpetual Distribution fund, alongside existing fund managers Paul Causer and Paul Read.
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