Investors have withdrawn up to 10% of their assets from Neil Woodford's funds following the announcement the manager is to exit Invesco Perpetual and start his own firm next year.
Woodford (pictured), manager of the Invesco Perpetual Income and High Income funds, announced his departure on October 15.
Sources close to the situation told Investment Week the two funds, which totalled £24.7bn before the announcement, have lost as much as 10% of their assets since his exit was revealed, with investors rushing to the door rather than opting to wait and see how the handover goes.
A number of leading UK brokers, such as Hargreaves Lansdown, Bestinvest and Chelsea Financial Services, have placed the funds under review until Woodford hands them over to his successor, Mark Barnett, in April.
However, some discretionary fund managers have gone further, with both Brewin Dolphin and Heartwood Wealth Managers among the DFMs removing positions in Woodford's funds following the news.
Invesco is also refusing to disclose redemption information to brokers. Emails seen by Investment Week reveal the company has told staff not to discuss redemption figures despite requests from brokers for information.
A spokesperson from Invesco Perpetual declined to comment.
Improving portfolio diversification
Hanging on the telephone
German recession concerns