Neil Woodford, the star fund manager of Invesco Perpetual, is joining the London-headquartered investment firm, Oakley Capital Management on 1st May 2014.

Neil Woodford, the star fund manager who recently announced he is to leave Invesco Perpetual, creating shockwaves in the industry, is joining the London-headquartered investment firm, Oakley Capital Management on 1st May 2014. 

Woodford recently announced his plans to leave Invesco, where he has served for more than 25 years. He will join Oakley Capital in May, once his six month transition period at Invesco is over, and some of his £30 billion (around $48 billion) in funds under management, have been transferred to his successor and new Invesco head of equities, Mark Barnett.

Oakley Capital said in a statement, that Woodford, will create a new asset management business within the group, which also manages the London-listed private equity fund Oakley Capital Investments, in which Invesco is the biggest shareholder.

The move will allow Woodford to manage retail and institutional clients’ money immediately, the firm added.

“We fully support his [Woodford’s] desire to create his own transformational asset management business soon after joining Oakley Capital,” said founder Peter Dubens.

Since Woodford announced his departure in October, several Invesco funds have suffered severe outflows and key persons have also left the firm. Read more on that in our coverage of the departure, here.

Based in West London, Oakley Capital has $1 billion under management, including the aforementioned private equity fund with $383.1 million of committed capital.