18 Oct From Perpetual to Prescott
It’s been an exciting week in lots of ways. Firstly, there was the announcement that Neil Woodford is leaving Invesco Perpetual next year, and that his funds are to be managed by Mark Barnett. The industry reacted with immense shock and I suppose that after 25 years, Woodford was very much an integral part of the furniture. But to a certain extent it was also unsurprising — in a world where fund managers jump ship on an all too regular basis, it was just as surprising that he hadn’t gone to another fund manager, or started up his own fund group years before. The difficulty that Invesco now faces is a potentially significant shift of assets from its two flagship funds to other fund managers; some fund managers are already rubbing their hands in glee at the idea of the fresh flows coming their way, but hopefully some will give Barnett the benefit of the doubt. Whatever happens, he is going to find Woodford a very hard act to follow.
Next week I’m in Edinburgh speaking at the Financial-Clarity seminar so I’ve been working on my presentation, but my time has also been taking up with organising our office move and having telephone lines installed. Fundscape has moved to Maritime House, which belongs to the RMT, the National Union of Rail, Maritime and Transport workers. This beautiful building originally belonged to the National Union of Seaman (hence the name), but the union merged with the National Union of Railwaymen to form the RMT in 1990.
It’s an exceptionally large building with beautiful gardens, offices and apartments. There is some lovely stone work on the building including two double-headed fish on the roof of the building (see one below). But it is perhaps best known for some of its previous residents. One of its most famous residents was the former deputy prime minister, Lord Prescott, who had a flat there for more than 30 years. He used to travel to parliament on the 88 bus before he got his grace-and-favour apartment, his two jaguars and of course his two-jag moniker. In fact, Prescott was so attached to his flat that he didn’t want to give it up and eventually the RMT had to evict him!
Our new address is:
We look forward to welcoming you to our new office.