Neil Woodford collects £30 million as Mitsui snaps up Amlin

Fund manager Neil Woodford has made more than £30 million after cashing in on Amlin’s takeover offer by a Japanese rival.

The 55-year old, who oversees £11 billion at Woodford Investment Management, made a total return of more than 50% on the investment after selling 16.4 million shares in the group between Tuesday and Thursday earlier this week.

Amlin made up about 0.63% of Woodford’s £6.7 billion Equity Income Fund, according to the latest figures published end of June.

Shares were also held in other funds run by Woodford.

The insurer surged on Tuesday after Japanese firm Mitsui Sumitomo unveiled a £3.5bn takeover offer.

Some shareholders, including Woodford’s old shop Invesco Asset Management and Majedie Asset Management, have backed the deal.

Woodford has also cut his stake in Royal Mail, taking it under 5%, according to a filing this morning.

He originally bought the majority of his stake in August 2014.

Shares in the postal delivery services have swung wildly since its 330p-a share flotation in 2013, roaring to over 600p shortly after the listing before falling back to under 400p around the time Woodford bought in.

Shares were trading around the 468p mark today.

Woodford Investment Management declined to comment.