Woodford appoints M&G’s Samuel Lynes

Woodford Neil WIM

Woodford Investment Management has appointed Samuel Lynes as its client relationship manager for London.

Lynes replaces Simon King, who has become head of its client relationship management, a newly created role, at T. Rowe Price.

Lynes joins from M&G Investments, where he worked for 10 years as the business development director for London, having previously acted as assistant fund manager for the UK smaller companies team for three years.

Lynes had previously experience held roles at Brewin Dolphin and New Star Asset Management.

Woodford Investment Management head of retail Simon Dale says: “Samuel previous experience as an assistant fund manager coupled with his strong background in relationship management gives him unique industry insight.”

Earlier this year, Woodford IM revealed it was changing its structure following significant growth in the first two years since its 2014 launch.

A filing with company house at the time revealed only founder Neil Woodford and chief executive Craig Newman would control shares in the company, owning 65 per cent and 35 per cent respectively.

The asset manager currently offers the Woodford Equity Income fund and the Woodford Patient Capital Trust, but the firm has been canvassing advisers to test appetite for a second equity income fund with a higher target yield of approximately 4.5 per cent.

The existing Woodford Equity Income fund suffered outflows and a performance hit in the month of the UK’s vote to leave the European Union.

Woodford has told investors he expects the long-term impact of Brexit to be limited and that he would not change his portfolio strategy as a result of the vote.

This week the Woodford Patient Capital Trust revealed its assets were down 10.8 per cent for H1 and had been impacted by disappointing results from late-stage drug trials in several of its healthcare stocks.