Shareholder desired Neil Woodford stops Invesco
Thu, 17.10.2013.
The legendary fund manager Neil Woodford yesterday revealed he is leaving Invesco Perpetual – the investment firm he's been at for more than a quarter of a century.
The equity income guru, who looks after around £33bn-worth of UK savings, said he plans to start his own fund management business next April.
Despite chatter that the fund manager had become disenchanted with his role at Invesco, both Mr Woodford and the Henley-based fund management firm were keen to stress the split is amicable. Mr Woodford said: "My decision is personal, based on my views on where I see long-term opportunities in the fund management industry."
Mr Woodford will remain responsible for the funds for which he is the named manager for the next six months before handing over the reins to Mark Barnett, who has been at Invesco himself for 17 years.
His departure will be a major blow to Invesco as he runs around half of their funds under management, including the flagship £14bn High Income fund and the £10bn Perpetual Income fund.
Martin Bamford, of financial adviser Informed Choice warned: "This is potentially devastating for Invesco. Investors love Neil."
His returns to investors have been impressive – any that invested £1,000 into his High Income fund at launch in 1988 would now be sitting on £22,919.51. A similar amount invested in the FTSE All Share would be worth just £10,254.66.
His fans also enjoy Mr Woodford's outspoken intervention as an active investor. As the largest shareholder in BAE, for instance, his negative reaction to the proposed takeover of the company by its Franco-German rival EADS last year was instrumental in it being called off.
His investment style is to pile into defensive blue-chip UK companies producing stable long-term dividends. He also correctly refused to buy into the technology bubble at the turn of the last century.
He advocates long-term investment and pressurises executives of companies he invests in. Last year he said: "I am an exception in the industry. I take corporate engagement very seriously. The industry, I believe, is failing on this point."
Money-back guarantee
Long-term experience accumulated our experts are fully responsible for their quality of work and results. Good relationship with the Department of Immigration, Tax Inspectorate, the Social Insurance Inspectorate, Centre of Registers and other state and non-state institutions helps to ensure the highest quality services.
We do not operate in automatic machine principle and look deeper into the needs of each client. Whether it is business acquisitions, advice on migration, finance, accounting, or other issues - this is a unique process.
Only in this way we can ensure the highest quality services. Therefore, we provide our clients 100% money back guarantee if due to our fault you do not receive a temporary residence permit. We also guarantee that the company You will purchase has no debts or other liabilities. Our accounting services are insured, so if fees are wrong calculated, we or our insurance company will cover all losses.
RESIDENCE PERMIT
Process time for a temporary residence permit for each country depends on that country's laws. Usually it takes 2-6 months. If you have additional questions, the Migration Department may extend length of the proceeding up to 3 months. The answer may be a negative if the client:
- Was deported;
- Punished for crime;
- Has records in the police department;
- Other negative entries of personal biography;
- The information about the client is false, untrue;
- Going to false immigration.
If it turns out that the negative response to the temporary residence permit is due to one of these reasons, we will not return your money.
If the client has a clean biography and correct data about him/her, but due to our fault do not receive a temporary residence permit, in this case within 30 days we will return 100% of his/her money and will not ask for any compensation concerning experienced costs.
Business acquisitions and start-up
All of our sales companies do not have any debts or obligations. If you buy a new company (without any history), the company has absolutely no bookkeeping records. If you are going to buy an existing company with a history of activity, in this case you will provide the company financial reports and you will be able to assess the Company's status. If after the acquisition of the company, there would be unforeseen events and it would be our fault, we will take all the responsibility on ourselves.
Accountancy services and consultations
We take full responsibility for the provision of accounting services. Our accountants have many years of experience, good skills in preparing various reports to the state institutions; also we provide representation during an inspection. We look very responsibly to our work that is why we insured our employees from the possible errors, so if fees are calculated wrongly, we or the insurance company will compensate them.