Neil Woodford, Britain’s best-known fund manager, has returned to the fold with Oakley Capital Management to set up his own asset management business.
In October, Woodford quit Invesco Perpetual, where he managed more than £20bn of ISAs, pensions and other money, after 25 years.
His shock departure saw a flood of money disappear from Invesco Perpetual’s two star funds: Invesco Perpetual High Income and Invesco Perpetual Income.
Woodford will set up a standalone asset management business at Oakley when he joins in May.
Oakley Capital Management has a stake in AIM-listed Oakley Capital Investments (LON:OCL), which holds an interest in Time Out magazine and was founded by web entrepreneur Peter Dubens.
Invesco is Oakley Capital Investments' largest shareholder with a 32% stake.
“I am delighted Neil is joining and we fully support his desire to create his own transformational asset management business soon after joining Oakley Capital,” Dubens said.
“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.”
Oakley Capital Investments shares were up 6% at a record high of 184p.