The shocking resignation of Invesco Perpetual's superstar fund manager Neil Woodford, who manages almost 30bn pounds spread out over five funds, has had repercussions across the industry.
Two listed vehicles in particular, Perpetual's US parent Invesco and FTSE 250-listed Edinburgh Investment Trust, have seen their shares slide after Woodford announced he was leaving in April to set up his own business focused on longer-term investing.
"My decision to leave is a personal one based on my views about where I see long-term opportunities in the fund management industry," he explained.
"My intention is to establish a new fund management business serving institutional and retail clients as soon as possible after April 29th 2014," he said, adding that he would elaborate once he had left Invesco.
Woodford manages Invesco Perpetual 's High Income fund and Income funds, the UK equity components of the Monthly Income Plus fund and the Invesco Perpetual Distribution fund, together with St James's Place fund mandates and the Edinburgh investment trust.
In charge of the trust since 2008, Woodford has delivered a share price return of 143% and net asset value growth of 108.5% over the last five years.
The board said it will "carefully" review options with Invesco and its proposed individual replacement, but the discount looks likely to endure for a while, especially with Investec suggesting that as investment houses whip Edinburgh off their buy lists, it will "remove some of the natural buyers from the market".
Source: LiveCharts
Two listed vehicles in particular, Perpetual's US parent Invesco and FTSE 250-listed Edinburgh Investment Trust, have seen their shares slide after Woodford announced he was leaving in April to set up his own business focused on longer-term investing.
"My decision to leave is a personal one based on my views about where I see long-term opportunities in the fund management industry," he explained.
"My intention is to establish a new fund management business serving institutional and retail clients as soon as possible after April 29th 2014," he said, adding that he would elaborate once he had left Invesco.
Woodford manages Invesco Perpetual 's High Income fund and Income funds, the UK equity components of the Monthly Income Plus fund and the Invesco Perpetual Distribution fund, together with St James's Place fund mandates and the Edinburgh investment trust.
In charge of the trust since 2008, Woodford has delivered a share price return of 143% and net asset value growth of 108.5% over the last five years.
The board said it will "carefully" review options with Invesco and its proposed individual replacement, but the discount looks likely to endure for a while, especially with Investec suggesting that as investment houses whip Edinburgh off their buy lists, it will "remove some of the natural buyers from the market".
Source: LiveCharts
