Woodford Investment Management is moving to a new structure following significant growth in its first two years.
An application filed with Companies House shows Neil Woodford’s fund management business has applied to become Woodford Asset Management, transitioning into a limited company from an LLP.
The application revealed Neil Woodford would control 65 per cent of shares in the new company structure, while chief executive Craig Newman would own 35 per cent.
A spokesperson for the company says the slight name change from Woodford Investment Management is temporary, as law prohibits two legal entities having the same name at the same time.
The transition to a limited company is expected to complete around September.
“The change will allow the company to manage its capital more efficiently, provide a more flexible legal structure and benefit from improved corporate governance,” the spokesperson said.
Woodford set up Woodford Equity Income fund and the Woodford Patient Capital Trust since his departure from Invesco Perpetual in April 2014.
The £8.66bn equity income fund, launched in June 2014, has returned 19.07 per cent compared to the FTSE All Share’s 0.57 per cent.
The trust, launched in April last year, has £759.2m total assets and has a market share price of 99.85p and net asset value including income of 92.56p.