Woodford Income Focus, a higher yielding version of Neil Woodford's flagship equity income fund, has raised £553m in its offer period.
The third product to be run by the manager follows the Woodford Equity Income fund, which attracted more than £1.5bn in its offer period in 2014, and the Patient Capital Trust, which took in £800m ahead of its stock market listing in 2015.
"After speaking to private investors, intermediaries and platforms last year, we knew there was an appetite for a new equity fund targeting a higher income," said Woodford Investment Management chief executive Craig Newman.
Income Focus will hold around 50 large and small-cap stocks. Only around 15 to 20 holdings will cross over with the Equity Income fund, while there will be almost no crossover between the new product and the small-cap focused Patient Capital Trust.
Mr Woodford has said he will not run any new funds beyond Income Focus.
