Neil Woodford could be dumped as manager of listed fund that bears his name
Under fire fund manager Neil Woodford could be dropped as manager of the listed fund that bears his name, the company said today.
Woodford Patient Capital Trust (WPCT) told the stock market it had held preliminary discussions with management groups that have approached the company regarding the ongoing management of the fund.
“Whilst the board remains confident in the portfolio manager’s commitment to WPCT and the current day-to-day management of the portfolio, 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, which may or may not lead to a change in the company’s management arrangements,” the company said in a statement.
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WPCT said its board has been working with Woodford to assess its funding requirements and reduce borrowings which were £117.4m at 25 July, equating to a gearin position of 15.95 per cent of net assets value
The company said it had been “closely monitoring the situation at Woodford Investment Management” and said it “remains focused on preserving the value of WPCT’s portfolio and protecting the interests of shareholders in WPCT”.
Woodford’s Equity Income Fund was suspended in June after a run of redemptions.
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