Invesco Perpetual star manager Neil Woodford is to leave the company to set up his own fund management business.
Woodford (pictured), who heads up Invesco’s UK equities team, will leave on 29 April 2014 after 25 years with the firm. He confirmed his new venture would launch soon after and cater for both institutional and retail clients.
Running a total of around £30bn, Woodford 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.
“My decision to leave is a personal one based on my views about where I see long-term opportunities in the fund management industry,” said Woodford.
“My intention is to establish a new fund management business serving institutional and retail clients as soon as possible after 29 April 2014. Further announcements about the new business will be made after I have left.”
Invesco said Woodford will continue to manage his range of income funds during a six-month transition period leading to his departure. At the end of that transition, Mark Barnett will take over the Invesco Perpetual High Income and Income funds.
Ciaran Mallon is to take over management of the equity components of the Invesco Perpetual Income Plus fund and the Invesco Perpetual Distribution fund with immediate effect, alongside existing fund managers Paul Causer and Paul Read.
Invesco chief executive Mark Armour said: “We have planned for succession for many years and have built a world-class investment culture that develops and supports gifted and experienced managers.
“’Mark Barnett is an exceptional fund manager who has the same active, value-driven investment approach and long-term focus as Neil. A key member of the UK equities team for 17 years, Mark has a first-quartile track record over one, three and five years.”
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