Neil Woodford's listed fund considers replacing him as manager
Reuters
Published Jul 29, 2019 03:06AM ET
Neil Woodford's listed fund considers replacing him as manager
LONDON (Reuters) - Embattled money manager Neil Woodford could be replaced as the portfolio manager of his namesake listed investment fund Woodford Patient Capital Trust (L:WPCT).
WPCT said on Monday that it had received offers from "third parties" to take over managing the trust's portfolio and that it was considering them.
"Therefore, whilst the board remains confident in the portfolio manager's commitment to WPCT... the board intends to engage with a broader range of third-party managers in order to undertake a full assessment of all potential management options," WPCT said in a statement.
"The board will update the market in due course, as appropriate," it added, saying the board had been working with the Woodford to reduce borrowing.
WPCT said that Woodford, whose separate flagship equity fund was suspended in June, had sold 1.75 million shares in WPCT between July 3-8.
"In the circumstances, whilst a reluctant seller... Mr Woodford sold...around 60% of his holding. The sole reason that he did so was in order to meet personal financial obligations, including a tax liability," WPCT said in a statement.
WPCT said that after the suspension of the Woodford Equity Income Fund, Neil Woodford elected not to take any income or dividends from Woodford Investment Management Limited during the suspension, which remains in place.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.