Neil Woodford

Neil Russell Woodford CBE (born 1960) is the founding partner of Woodford Investment Management.[1]

Education and early career

After graduating in Economics and Agricultural Economics from the University of Exeter in 1981, Woodford began his career with the Dominion Insurance Company. In 1987 he became a fund manager with Eagle Star, then moved to Invesco Perpetual in 1988. He has also pursued postgraduate studies in Finance at the London Business School.[2]

Invesco Perpetual

Woodford ran the Invesco Perpetual Income, and Invesco Perpetual High Income funds, with respectively £10.36 billion[2] and £13.64 billion in assets.[3] The High Income Fund was Britain's largest investment fund, and accordingly had considerable influence over the sectors he invested in - describing negotiations with government over water pricing, he said: "We had a meeting with a minister only last week. If we can't get an attractive, risk-adjusted return, then they won't get the infrastructure investment they want. We're not a charity."[4] Woodford was also vocal over the 2012 proposed merger between British defence company BAE Systems and EADS, the European aerospace group, warning that unless there was a “substantial change” in BAE’s strategy, Invesco would have to consider “all options open to us”.[5]

Woodford has a reputation as a fund manager who can provide stability and reliability even in turbulent market conditions.[6] The Perpetual High Income fund has grown in value by 212.42% (12.06% annualised)[3] over the past 10 years, while the Perpetual Income fund has grown 204.9% (11.79% annualised) over the same period.[2] Both funds are in the "Equity Income" sector, focusing on companies that pay a high dividend yield. Current holdings are focused on the tobacco, pharmaceutical, and utilities sectors.

In September 2013, Woodford criticised Labour's energy prices policy as shares in Centrica and SSE fell. A million small investors were affected by the fall due to fears over Labour plans to cap energy prices after the next election.[7]

Woodford Investment Management

In April 2014, Woodford left his role as Head of UK Equities at Invesco Perpetual to set up Woodford Investment Management LLP.[8][9]

Honours

In 2012, Woodford was appointed Commander of the Order of the British Empire (CBE) in the 2013 Birthday Honours for services to the economy.[10]

References

  1. ↑ "Neil Woodford | Fund Manager Fact Sheet | St James's Place, Woodford Investment Management LLP, Old Mutual Global Investors". Citywire.co.uk. Retrieved 2015-04-29.
  2. ↑ 2.0 2.1 2.2 Invesco Perpetual Income Fund, Invesco Perpetual
  3. ↑ 3.0 3.1 Invesco Perpetual High Income Fund, Invesco Perpetual
  4. ↑ "Your money in their hands: Invesco Perpetual". Guardian Unlimited. September 23, 2006. Retrieved 2007-07-01.
  5. ↑ Invesco voices concern over BAE tie-up, Financial Times, October 8, 2012
  6. ↑ Justin Harper (2007). "Managers who can beat off the bears". The Daily Mail. Retrieved 2007-07-01.
  7. ↑ Campbell, Peter. "Fund guru Neil Woodford slams Labour's energy prices policy". Thisismoney.co.uk. Retrieved 2015-04-29.
  8. ↑ Jackson, Gary. "Neil Woodford unveils new venture | News". Fundweb.co.uk. Retrieved 2015-04-29.
  9. ↑ Lobo, Dylan (2014-06-25). "Woodford raises record £1.6 billion for new fund - Citywire Money". Citywire.co.uk. Retrieved 2015-04-29.
  10. ↑ The London Gazette: (Supplement) no. 60534. p. 9. 15 June 2013.