(Bloomberg) --
Disgraced fund manager Neil Woodford is joining specialist alternative asset manager Juno Capital in an advisory role, according to a person familiar with the matter.
Craig Newman, the former chief executive officer of Woodford Investment Management, has also started working for Juno, according to Sky News, which reported the news first.
This comes less than a year after the collapse of Woodford’s business empire sent shock waves through London’s financial markets. It was a remarkable reversal of fortune for a man once known as one of the U.K.’s best stock pickers. Everything began unraveling for Woodford when he suspended withdrawals in his flagship fund in June 2019 because he couldn’t sell his holdings quickly enough to meet redemption requests. He wound down the business in October.
Woodford and Newman made a trip to China in December to meet investors interested in early-stage assets, Bloomberg reported.
Woodford built his success by investing in large- and mid-cap companies across tobacco, technology and other stocks. He eventually began investing in smaller and less liquid companies and would often write checks to fledgling biotechnology firms when they were in the risky, uncertain period of testing out new ideas. The collapse of his business sent a blow to the British biotech industry late last year.
Juno Capital didn’t respond to a request for comment.
©2020 Bloomberg L.P.
Advertisement