Woodford to team up with Oakley Capital in May

Neil Woodford is to team up with London-based Oakley Capital Management on 1 May after 25 years at Invesco Perpetual.

Star equity income manager Mr Woodford announced his departure from Invesco in October.

A statement from Oakley Capital said the company would “provide the infrastructure to allow Neil to manage retail and institutional clients’ money immediately after his employment with Invesco terminates”.

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Oakley Capital chief 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.”

More than £1bn has exited the Invesco Perpetual Income and High Income funds since Mr Woodford resigned. Mark Barnett is to take on the two funds at the end of April following a transition period.