UK Equity Income

‘OCF is not the final step’

R&M UK Equity Income

Demand for Neil Woodford's fund has helped make the UK equity income sector the best-selling category for a second month in a row.

The PSigma Income fund has lost £100m as clients including its largest backer redeemed holdings ahead of Bill Mott's retirement.

Chris Reid, manager of the Majedie UK Income fund, has been topping up his highest conviction positions and increasing the portfolio's concentration, in the expectation divergence between winners and losers will increase.

The Investment Management Association is right to enforce rules forcing low-yielding funds out of the equity income sector, according to Allianz's Simon Gergel.

Net retail sales of UK equity income funds hit a record high of £1.4bn last month, according to the Investment Management Association, as Neil Woodford's new fund provided a boon to the sector.

City Financial's head of UK equities Leigh Himsworth is to join Fidelity as the firm acquires his £70m UK Opportunities fund.

Outflows from the Invesco Perpetual Income and High Income funds since news of Neil Woodford's departure have reached 30% of assets - but the launch of his rival fund was seemingly not the major blow some expected.

Jupiter's Merlin multi-manager team have added Neil Woodford's equity income fund to their portfolios as they back the manager's new project from launch.