Neil Woodford no longer manager of Woodford Equity Income: Woodford Patient Capital (WPCT) released the following statement:
“The board of WPCT notes the statement by Link Fund Solutions Limited, the Authorised Corporate Director of the LF Woodford Equity Income Fund (WEIF), that: (i) the decision has been taken by LFS not to re-open WEIF and instead to wind it up as soon as practicable; and (ii) Woodford Investment Management Limited will, with immediate effect, cease to be the investment manager of WEIF.
As previously announced, the board has been undertaking a review of the company’s management arrangements and will make a further announcement in due course.”
Here are some links to
- the letter that Link Fund Solutions wrote to investors in the open-ended fund
- some Q&As on the decision
BlackRock, the new managers of the listed part of the fund, will now be looking to sell the open-ended fund’s stake in Patient Capital – our guess is that they’ll hope to do this before 17 January 2020. This could provide a springboard for an activist investor looking to profit from a wind up of the trust. The trust’s shares have hit a new low on the news – 34.5p at the time of writing this.
WPCT: Neil Woodford no longer manager of Woodford Equity Income