Following the recent departure of Neil Woodford from Invesco Perpetual, a fund manager and two analysts have announced their departure from Invesco to join Woodford's new venture with immediate effect.
Following the recent departure of Neil Woodford from Invesco Perpetual, a fund manager and two analysts have announced their departure from Invesco to join Woodford’s new venture with immediate effect.
UK equities fund manager Stephen Lamacraft as well as Saku Saha and Paul Lamacraft, who are both analysts, have decided to leave the company to join Woodford, whose first product, a UK equity Fund, will be launched shortly.
Neil Woodford left earlier this month, after Invesco Perpetual has been fined £18.6m by City regulars following a string of losses to small investors.
This includes Invesco Perpetual Income, High Income and Managed Income Funds which at that time were managed by Woodford. Invesco paid out £5m in compensation to investors in Woodford Funds.
Invesco has confirmed the resignations and announced that Stephen Lamacraft’s responsibilities covering UK equities have been taken over by James Goldstone as UK equities fund manager.
Saku and Pauls tasks as analysts will be taken over by Frederick Bouverat and other members of the UK equities team.