Woodford’s new firm receives regulatory approval

Neil Woodford’s new venture has received the green light from the FCA to perform regulated activities.

Woodford Investment Management received permissions yesterday (May 1) and the regulator has listed eight staff alongside Mr Woodford.

Paul Lamacraft and Stephen Lamacraft, whose exit from Invesco Perpetual was announced yesterday, have fund management permissions alongside Mr Woodford.

Former Invesco Perpetual head of global equity products Nick Hamilton is a partner and chief operating officer, while Craig Newman is also a partner and head of retail asset management.

The group has also appointed Richard Graham Smith as a partner with compliance oversight responsibilities. Paul Green is responsible for “systems and controls”, according to the FCA register.

Woodford IM also has appointed two non-executive directors, Martin Walton and Mary Reilly. Mr Walton is chief executive and managing director of biotech and pharmaceuticals start-up fund manager Excalibur Group, and a director of Arthurian Life Sciences, which similarly backs start-up healthcare companies. Ms Reilly is a non-executive director of international development firm Crown Agents.

The FCA has yet to approve the launch of any funds by Woodford IM, but the group is expected to launch an equity income fund.