Woodford to launch new UK equity income fund in May

Neil Woodford is to use a three-week offer period to launch a new UK equity income fund when he joins Oakley Capital this May.

The star manager, who is handing over his Invesco Income and High Income funds to Mark Barnett in April, will launch a new income fund sitting in the IMA UK Equity Income sector this May, a source at Oakley confirmed to Investment Week. The fund will have an offer period which will likely run for three weeks to incorporate the bank holiday on 5 May, the source added. The news comes days after it emerged Woodford's new firm - named Woodford Investment Management (WIM) - had been set up in the middle of January, at the same address as Oakley Capital. Woodford's new venture was alread...