By Chris Vellacott and Simon Jessop
LONDON Dec 19 Neil Woodford, renowned fund
manager at Invesco Perpetual, will join London-based investment
firm Oakley Capital Management next May to set up an asset
management unit, Oakley said on Thursday.
It said Woodford, who recently announced his plan to leave
Invesco, will create a new business at Oakley, a group with
interests including management of the London-listed private
equity fund Oakley Capital Investments, in which Invesco
is the biggest shareholder.
"We will fully support the transition and in the meantime we
will provide an environment in which Neil can have the autonomy
and flexibility to best serve the interests of clients," said
Peter Dubens, Oakley Capital's founder, in a statement.
Woodford announced in October he would leave Invesco at the
end of next April and be replaced by Mark Barnett as the firm's
head of UK equities.
Dubens is an entrepreneur and turnaround specialist whose
past deals include the sale of the sports websites and online
gaming firm he founded, 365 Media, to Sky in 2006 for
100 million pounds ($163.92 million).
Oakley's current investments include holdings in publishing
firm Time Out.
Woodford has been one of the most closely watched investment
managers, directly managing around $49 billion of funds for
Oakley currently manages around $1 billion of assets.