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Tuesday September 26th, 2017 

News Archive - October 2013

Bye Bye Neil

16/10/2013

Neil Woodford has annouced that next April he will be stepping down from managing the Invesco Perpetual High Income fund, as well as the other funds that he manages for them totalling over £30 billion. He has managed this flagship fund for over 25 years and due to his astute calls on various market events, it has become one of the UK's favourite and best known investment funds.

When a star fund manager leaves, there is always a degree of panic amongst investors about the future direction of the fund. Invesco Perpetual are planning to replace him in-house with a manager (Mark Barnett) who has had plenty of success already running a similar kind of fund and who has no doubt learned at the feet of the master.

I would not be in any rush to make withdrawals from the Invesco funds until we have seen how the new man acquits himself. Likewise, when Neil Woodford launches his new investment fund (which is his intention) I wil be waiting for a while to see how he gets on.

There is a precedent for this sort of thing- Anthony Bolton left behind a stellar career managing the Fidelity Special Situations fund, only to come a cropper when his new Chinese equity fund had an inauspicious opening period.

These huge investment funds have a large team involved in their management, as well as processes used to select suitable opportunities.Their success is not all down to one man. Similar to a football manager and his team - for example, when Sir Alex Ferguson left Manchester United...hmm, maybe that's not such a good example....

Please contact Mulberry Financial if you want to discuss your investment options.

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