View more on these topics

Woodford Investment Management posts £11m profit

Woodford Neil WIM

Woodford Investment Management made profit of £11.3m from January 2014 to March 2015, according to the firm’s first set of accounts.

Assets under management at the firm reached £12.9bn with the company also reporting a net increase in cash of £7.4m over the year.

However, total operating expenses were at £14.7m for the year, mostly due to personnel expenses as well as general and administrative expenses.

The asset manager took in £27.5m in management fees for the period. During the past year, the CF Woodford Equity Income passed the £7bn barrier making it the biggest UK equity income fund to date.

Woodford Investment Management chief executive Craig Newman says: “Our aim is to build a fund management company that challenges industry norms and gives investors both value and transparency.

“Our first year’s results give us a platform to invest in the resources, people and infrastructure needed to drive that ambition forward.”

The fund manager spent £8.4m on staff costs for the year, including salary, pension, and other staff costs. The highest paying member took home £645,601, including profit distribution. The asset manager now has 35 staff, following hires last month.

The firm’s flagship fund has returned 19.5 per cent against the FTSE All Share return of 1.1 per cent over the year to March 2015, according to Morningstar.

Recommended

HSBC-700x450.jpg

HSBC set to stay in UK after regulatory U-turns

HSBC is likely to keep its headquarters in London after it won a number of concessions on tougher banking regulation. The Sunday Times reports that following cuts to the banking levy and a relaxation of ring-fencing rules that require banks to split their retail and investment arms, HSBC is leaning towards keeping its base in […]

Ros Altmann
2

Govt to launch consultation over GARs advice confusion

The Government will launch a consultation to address confusion around when advice is required for people with guaranteed annuity rates who want to access their pension pot. Under rules introduced following the introduction of the pension freedoms in April, the Government mandated that savers with safeguarded benefits worth more than £30,000 get regulated advice before […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment