Juno Capital has distanced itself from former fund manager Neil Woodford, following reports he had taken an advisory role with the firm last week.
Sky News reported that, according to City sources, Woodford and Craig Newman, who ran Woodford Investment Management before its collapse, had taken on advisory roles with Juno to put together a portfolio of unquoted healthcare investments.
In a blog dated 13 July, Juno declared news that the pair "have been or will be employed by Juno as advisors" was "untrue" and clarified that they had been contacted for their "perspective as previous managers" of unquoted ex-Woodford assets that the firm was "interested in investing in".
The update continued: "The entire process is at a very early stage and no decisions have yet been made about whether to proceed beyond preliminary due diligence."
Juno had not responded for a request for comment at the time of publication.
The move was set to mark Woodford's first foray back into the industry after the first anniversary of his eponymous Equity Income fund's suspension, eventually leading to its demise in October 2019.
Woodford and Newman had reportedly put in a bid to snap up a portfolio of healthcare stocks previously held in the LF Equity Income fund, but had been usurped by US company Acacia Research Corporation.
In December 2019, reports emerged of Woodford's appearance in China for exploratory meetings with investors for a potential comeback.
Relationship is 'preliminary due diligence'
In this live blog, Professional Pensions' sister title Investment Week collates all the breaking market news, analysis and opinion on equity, bond and currency movements as well as the impact of trade wars, tightening monetary policy and the Brexit negotiations....
Exclusive: Gresham House targets LGPS schemes with secure income residential social housing strategy
Alternative asset manager Gresham House is set to launch a residential property strategy targeting institutional investors and Local Government Pension Scheme (LGPS) funds.
Neil Woodford has taken on an advisory role with specialist asset manager Juno Capital as he looks to return to the investment industry, according to reports.