Mark Barnett takes over Neil Woodford’s Invesco Perpetual Income and High Income funds seven and a half weeks early

6th March 2014

Mark Barnett has taken over Neil Woodford’s funds several weeks early Invesco Perpetual has confirmed.

Barnett has taken over the £13.1bn Invesco Perpetual High Income and £8.4bn Invesco Perpetual Income funds, as well as the Invesco Perpetual UK Equity Pension funds, as of today.

Neil Woodford will leave the firm on 29th of April as planned to set up his own firm Woodford Investment Management backed Oakley Capital.

Invesco Perpetual chief executive Mark Armour said: “Client response to Mark Barnett has been extremely positive. Our transition plans have progressed well since October 2013, and Mark is ready to assume responsibility for the funds.”

Barnett adds: “I’m pleased to take on the management of these funds, working with my colleagues in one of the most highly regarded investment management teams in the UK.

“We will continue to take the active, value-driven investment approach with a long-term focus that has contributed to the funds’ strong performance over the years.”

“He has continued to focus on delivering strong investment performance for investors during the transition period, and will now concentrate on managing a number of segregated accounts until his departure.”

Adrian Lowcock, Senior Investment Manager at Hargreaves Lansdown says: “Mark Barnett has a similar long term value driven investment style to Neil Woodford and has worked closely with Woodford for the past 17 years. Barnett is taking on more portfolios and managing significantly more assets. We would like to see how he adapts to his new responsibilities before considering adding him to the Wealth 150 list.”

“We are not expecting major changes to the Invesco Perpetual funds in the short term. Investors wishing to follow Woodford cannot do so at this point, therefore staying invested in the Invesco Perpetual funds is the most sensible approach.”

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