Woodford, who over the past decade has built up an enviable following among investors, is poised to start his own business, Invesco Perpetual announced.
It added a succession plan had been in place for a number of years and that Mark Barnett would succeed Woodford as head of UK equities and take over his flagship High Income and Income funds.
With immediate effect, the UK equity portion of Woodford’s Monthly Income Plus Fund and the Invesco Perpetual Distribution vehicle will be handed to Ciaran Mallon, Paul Causer and Paul Read.
