(Bloomberg) -- Neil Woodford, the U.K. money manager whose departure sparked the biggest selloff in Invesco Ltd.’s shares in two years in October, will join Oakley Capital Management Ltd. to create a new asset-management business.

Oakley, founded by entrepreneur Peter Dubens, said Woodford will start on May 1 and manage money for retail and institutional clients from Oakley’s offices in London, according to a statement. Woodford, 53, oversees about 33 billion pounds ($54 billion) for Invesco Perpetual.

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