Invesco hands Woodford’s funds to Barnett

Invesco Perpetual has formally handed responsibility for Neil Woodford’s High Income, Income and UK Equity Pension funds to Mark Barnett.

Mr Barnett was named as Mr Woodford’s heir apparent in October when Mr Woodford made the shock announcement about his departure, which is set for April 29 this year.

Mr Woodford will continue to run a “number of segregated mandates” until he leaves, the group said.

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Mark Armour, chief executive of Invesco Perpetual, said the client response to Mr Barnett had been “extremely positive”.

“Our transition plans have progressed well since October 2013, and Mark is ready to assume responsibility for the funds,” he said.

“Mark is an exceptional fund manager with a first-quartile track record over one, three and five years and we have every confidence that he and the UK equities team will continue to do an excellent job for our clients.”

Mr Barnett said the “active, value-driven” investment approach on the funds would remain in place.

Mr Woodford is joining Oakley Capital in May, where he is expected to launch equity income products.