Time to concentrate on the whole of the band, not just the frontman.

Investment news is buzzing with the story of Neil Woodford departing after 25 years with Invesco Perpetual to set up his own fund next year. It has prompted consternation on forums with investors worrying if they should leave without him at the helm.

His announcement has even had a negative impact on the FTSE with several of his large holdings being adversely affected.

Invesco is full to the brim with talented investment professionals so why should this outfall be happening? The answer lies with the marketing technique often used by major funds. Despite the actual strength of a well performing investment trust being in the complete team behind it: back office staff, chosen analytics systems, analysts and sector specialists the personality driven approach has been the quick win for marketing teams in this world.

A better approach is to define a core investment philosophy and ensure that everyone in the fund, from top to bottom demonstrates this to investors. It may be less edgy and appeal less to the ‘get rich quick/beat the market investor’ but for investors looking for a long term gains a sound and reliable investment philosophy (no matter who is at the figurehead) it is a better strategy.

Coaching all of the team to present it in a consistent and confident way is the next step towards making this come alive. It is a longer process and daunting for fund managers who shy away from presenting, preferring to leave that to the superstars with the ‘gift of the gab’. But it is the best way for the industry to avoid these costly ripples when one of the superstars leaves.