Outflow pressure grows as manager exits accelerate

After a summer lull, fund buyers have begun the autumn again wondering how to deal with a raft of manager moves - with significant consequences for fund groups, in some cases.

Any analysis of recent outflows must begin with the ultimate UK retail manager move: Neil Woodford's departure from Invesco Perpetual. But while the group's Income and High Income funds have since shed 30% of their original asset base, strong performance from new manager Mark Barnett has helped offset those redemptions. The long-term, less active nature of some of the fund's retail investors has also probably helped. In any case, when outflows are viewed as a proportion of total assets, it could now be said Invesco Perpetual got off lightly. This year's most recent high-profile dep...