INVESTORS yanked nearly £3bn from fund manager Neil Woodford last quarter – with further outflows predicted ahead of his exit from his firm Invesco Perpetual in May.
Invesco, the listed US parent of Invesco Perpetual, yesterday reported that 10 per cent of cash in Woodford’s flagship income funds was pulled by clients between October and December, worth $4.8bn (£2.9bn).
The firm yesterday said while lots of money had remained in the fund, more outflows could follow once Woodford leaves the company.
“Generally most of the movement has been around the institutional side,” Invesco boss Martin Flanagan said. “The retail side has had less of a material impact, which is encouraging as the vast majority of assets are retail. The bigger event will be at the time of Mr Woodford’s departure – that will be when the activity will happen.”
The company said the market has been “extremely receptive” to Mark Barnett, who is appointed to takeover from Woodford when he leaves in May.