Duo from Woodford comeback venture set up fresh firm

FCA records show Jonathan Adair and Kristian Penttila have set up a separate business


Questions have abounded since Neil Woodford said he was sorry about what had transpired at Woodford Investment Management (WIM) and stunned the industry by announcing his intention to return to fund management.

Woodford Capital Management (WCM) Partners was incorporated as Active Capital Management on 30 June 2020 before changing its name in the November.

Initially, it was to be based in Jersey, but backlash saw him pivot towards the Cayman Islands. Confirmation on this is still pending.

Beyond that, very little seems to be known about what Woodford plans to do.

Revolving door

The only concrete pieces of information have been about who is working at WCM Partners.

Joining Woodford from WIM were head of digital and technology Jon Adair, ex-COO Paul Green, Gavin Petken, Craig Newman, Kristian Penttila and Yvonne Pownall, .

Portfolio Adviser reported Petken’s resignation on 27 January.

FCA records now show that Adair and Penttila have set up a separate venture called Curated Capital. A spokesperson for WCM Partners confirmed to Portfolio Adviser that the pair are not leaving the company.

Adair and Penttila are the only individuals named as being involved in Curated Capital and neither is listed as having any other role.

Based in London, the company is an appointed representative of Thornbridge Investment Management.

Significant control

As for WCM Partners: Green, Adair and Newman are currently named as officers of the company, with Petken’s resignation noted with effect from 17 January.

The only individual with ‘significant control’ is Green, who owns at least 75% of the firm. Woodford’s name does not appear on Companies House for WCM Partners.