Neil Woodford (Woodford) is pulling the plug on Woodford Investment Management after being dismissed as the manager of its flagship fund.
Woodford has been dismissed as manager of the Equity Income fund by Link Fund Solutions, its administrator. The fund will be wound up, Link has said, with BlackRock and PJT Park Hill nominated to sell off its assets. This decision is in the best interest of investors, Link noted.
Woodford also stepped down from the role of manager of the Woodford Patient Capital Trust (WPCT).
Commenting on the decision, Woodford Patient Capital Trust said: “The Board of Woodford Patient Capital Trust plc announces that, in light of recent events, Woodford Investment Management Limited has today served notice of termination in relation to its role as Portfolio Manager.
“During its three-month notice period, WIM has committed to work collaboratively with the Board and its advisers throughout this transition period in order to protect the interests of shareholders.”
A trading suspension on the £3bn Oxford based Equity Income fund was enforced earlier this year following a surge in investor withdrawals.
On his removal from his position as manager of the fund, Neil Woodford stated: “We will fulfil our fund management responsibilities to WPCT and the LF Woodford Income Focus Fund and once completed will close the company in an orderly fashion.
“I personally deeply regret the impact events have had on individuals who placed their faith in Woodford Investment Management and invested in our funds.”