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Woodford to launch new UK equity income fund

Neil Woodford will launch a new UK equity income fund using a three-week offer period when he begins his new venture at Oakley Capital in May.

Money Marketing sister publication Fundweb understands Woodford’s first new fund will launch in the UK Equity Income sector after he makes the move from Invesco Perpetual.

Woodford’s new venture will be branded as Woodford Investment Management.

A number of Woodford’s former colleagues have announced a move to Oakley. Ex-Invesco Perpetual head of global equity products Nick Hamilton will join as chief operating officer while former Invesco Perpetual head of sales Craig Newman has already started as head of retail asset management.

Hamilton is a director of Woodford Investment Management LLP, alongside Richard Graham Catherwoord Smith.

Oakley Capital, which has assets under management of more than $1bn (£608m), is best known as the part owner of Time Out magazine.

Charles Stanley Direct head of investment research Ben Yearsley says: “A lot of money will move straight from the Invesco fund to the new Woodford vehicle. Undoubtedly this will raise a lot of money at launch and will give Woodford a nice to dilemma of where to invest. It will be interesting to see whether his portfolio at launch looks like the old one.”

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