Neil Woodford's latest mandate, the Woodford Income Focus fund, has raised £553m since its launch on 20 March.
The new fund has not raised as much as the manager's other funds at launch, with the £9.6bn Woodford Equity Income fund raising £1.6bn, and the £765m Patient Capital trust raising £800m.
However, £553m was still a significant amount when compared with the average fund launch. As Hargreaves Lansdown senior analyst Laith Khalaf pointed out: "Neil Woodford's new offering has proved a hit with investors, which is not too surprising given his pedigree, low management charges, and the fund's focus on a higher income.
"The new fund has not raised as much as the first offering launched by Woodford Investment Management, but the new fund targets a more specific audience.
"The savings ratio is currently at its lowest level since the 1960s, and against that background there are not many fund managers who could raise half a billion pounds in a matter of weeks."
Woodford IM chief executive Craig Newman said the fund was launched in response to demand: "After speaking to private investors, intermediaries and platforms last year, we knew there was an appetite for a new equity fund targeting a higher income."
Neil Woodford (pictured), who previously said this was his third and final product as lead manager, added: "I am very excited by the income prospects of the companies within the portfolio. In a low interest world, an income-focused equity portfolio is an attractive proposition for investors, while the lack of geographic restraints allows me to access quality income stocks regardless of their location."
The fund, which was first announced in at the end of January, was launched on 20 March with its offer period closing on 12 April.
Differentiating the new fund from the existing open-ended vehicle, the Income Focus fund is unconstrained by geographic region and will not target a specific yield but is expected to yield at least 20% more than the income delivered by the FTSE All Share index over a rolling five-year period. It also sits in the specialist sector.
The vehicle will aim to deliver an income of 5p per share in its first full calendar year in 2018, after which it will aim for modest sustainable growth in per share income over a five-year rolling period.
In line with Woodford IM's objective to provide transparency and clarity, a full portfolio breakdown will be provided online, each month, alongside its monthly updates.
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