Neil Woodford exits Invesco after 25 years to launch new fund manager

Neil Woodford, UK head of equities at Invesco Perpetual will leave in April in order to launch a new fund management firm. Woodford has been with Invesco for 25 years.

Woodford will establish that new fund management business for institutional and retail clients as soon as possible after his departure.

I leave the company on good terms and remain fully committed to my fund management responsibilities at Invesco Perpetual until my departure.

He will now be replaced in his role by Mark Barnett. Woodford has been one of the world's most successful investors, and was particularly vocal in opposing a merger of BAE Systems and EADS last year.

In an outlook statement for Edinburgh Investment Trust, a FTSE listed fund run by Woodford, he said that "the deal did not look particularly beneficial to shareholders."

Invesco's chief executive, Mark Armour, said that the company has "planned for succession for many years" and that Woodford's replacement "is an exceptional fund manager who has the same active, value-driven investment approach and long-term focus as Neil."

A Q&A on changes to the UK equities team has been provided by Invesco to persuade clients to stay with the fund (release).

As an investor in a fund currently managed by Neil Woodford, we want to assure you that Invesco Perpetual has selected both Mark and Ciaran with investors’ best interests in mind. Both are experienced and expert fund managers who have the same active, valuation-driven investment approach and long-term focus as Neil. The team will continue to strive to deliver good long-term returns for investors.