Investment star Neil Woodford decamps to Oakley

Neil Woodford, the UK's most powerful fund manager, is heading for a new job at Oakley Capital, reports The Times.

Woodford, who left Invesco Perpetual two months ago after a 25-year stint, said that he'd be starting a new fund management firm in the new year.

Oakley, best known as part owner of Time Out Magazine, will welcome Woodford in May 2014, directly following his official departure from Invesco. He'll be setting up a new standalone asset management business, which'll be affiliated to Oakley, supported by its investment infrastructure.

Woodford's heading up of UK equities at Invesco sees him managing more than £24bn of clients' money. His October announcement that he was leaving led to £1.4bn being pulled out of the company's flagship funds.