September 6, 2019 / 11:29 AM / 5 months ago

Woodford listed fund agrees borrowing flexibility with Northern Trust

Sept 6 (Reuters) - Woodford Capital Patient Trust, the only listed trust run by under-fire money manager Neil Woodford, said it had agreed greater flexibility around borrowing money with its lender Northern Trust as its works on selling some assets.

The trust has a credit facility for up to 150 million pounds ($184.40 million) with Northern Trust and is allowed under its investment policy to borrow up to 20% of net asset value at the time of borrowing.

Veteran money manager Woodford froze his flagship equity income fund on June 3 because it could not meet redemption requests, a move which has prompted outcry from lawmakers and investors, a probe by regulators and share price losses or outflows from his other two funds. ($1 = 0.8135 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; editing by Carolyn Cohn)

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