Woodford resignation: Manager to launch new venture

Invesco Perpetual’s Neil Woodford has announced he is launching a new fund management business, as part of his spectacular resignation announcement this afternoon.

The group has released a statement from the manager revealing the move is based on a “personal” decision as it unveiled the resignation, planned for April 2014.

“My decision to leave is a personal one based on my views about where I see long-term opportunities in the fund management industry,” he said.

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“My intention is to establish a new fund management business serving institutional and retail clients as soon as possible after 29th April 2014. There will be no further comment at this stage. Further announcements about the new business will be made after I have left.”

He added that he leaves the company on good terms and remains “fully committed to my fund management responsibilities at Invesco Perpetual until my departure”.

“The Invesco Perpetual High Income Fund, Invesco Perpetual Income Fund and other client mandates will be transitioned into the hands of my long-standing, experienced colleagues. I wish my colleagues all the best for the future,” he added.