Axe Woodford now! Pressure mounting on board of Patient Capital to get rid of embattled manager
- Trust bosses under pressure to replace Woodford as crisis continues
- Woodford’s Patient Capital publishes its half-year results on Monday
By JILL TREANOR FOR THE DAILY MAIL
PUBLISHED: 21:50, 27 September 2019 | UPDATED: 09:53, 28 September 2019
Neil Woodford is facing fresh calls to be axed from the investment trust that bears his name…
They will be quizzed on their plans when Patient Capital publishes its half-year results on Monday – with some observers calling for Woodford’s head.
‘I would hope they would,’ said James Carthew, head of investment company research at Marten & Co.
He added: ‘The Woodford brand is tainted and his association with the trust is one of the things depressing its share price.’
…Patient Capital is separate from Woodford’s flagship Equity Income fund, which has been gated since June 3, meaning savers cannot withdraw their cash…
The crisis engulfing Neil Woodford’s empire has taken its toll on another fund he runs.
His Income Focus fund has halved in value since the flagship Equity Fund barred savers from taking out their investments on June 3…
A spokesman for the fund said: ‘We remain confident that the disciplined approach that has served Neil Woodford and his investors well for more than 30 years is determining an investment strategy that is appropriate for the economic and market environment that confronts us.’
Woodford’s efforts to restructure his investments are continuing, with stakes in a number of companies reduced or sold completely in recent days.
The crisis at Equity Income has spread to Patient Capital amid widespread fears among investors that Woodford has lost his golden touch…
Analysts say Woodford needs to be replaced as the manager of the trust. It trades at a discount of around 35 per cent to its net asset value – a measure of the value of the companies it has investments in…
Iain Scouller, analyst at financial firm Stifel, said that while Woodford may survive Monday, his removal at some point was ‘reasonably likely given the situation that we’ve seen over the last few months’…
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