Three fund managers at Invesco Perpetual are leaving the firm to join Neil Woodford's new venture, with immediate effect.

Three fund managers at Invesco Perpetual are leaving the firm to join Neil Woodford's new venture, with immediate effect.

Fund manager Stephen Lamacraft, along with analysts Saku Saha and Paul Lamacraft, have all left the firm to join Woodford Investment Management.

All three managers were previously part of the Woodford's UK equities team, now headed by Mark Barnett.

Stephen Lamacraft has been responsible for the UK equities element of the Invesco Pan European Equity Income Fund since 2013 and will be replaced by UK equities fund manager James Goldstone.

Saha and Paul Lamacraft will be replaced by analyst Frederick Bouverat and other members of the UK equities team, Invesco said in a statement.

The news comes following the official departure of Woodford to join London-headquartered investment firm Oakley Capital Management on 1 May.

Star manager Woodford announced his plans to leave Invesco last year, where he served for more than 25 years.

Under the leadership of Mark Barnett, Invesco Perpetual has recently strengthened the UK equities team, with the appointments of John Richards, previously CIO at Societe Generale Asset Management UK, and Hilary Cook as UK equities product directors.

Last month, the Financial Conduct Authority fined Invesco Perpetual £18.6 million ($31.3 million) for exposing investors to greater levels of risk than they had been led to expect.

According to the UK regulator, between May 2008 and November 2012, Invesco Perpetual did not comply with investment limits designed to protect consumers by minimising their exposure to risk.