July 29, 2019 / 6:31 AM / 4 months ago

Neil Woodford's listed fund considers replacing him as manager

LONDON, July 29 (Reuters) - Embattled money manager Neil Woodford faces being replaced as the portfolio manager of his namesake listed investment fund Woodford Patient Capital Trust.

WPCT said on Monday that it had received offers from “third parties” to take over managing the trust’s portfolio and that it was considering them.

WPCT also said that Neil Woodford, whose separate flagship equity fund was suspended in June, has sold 1.75 million shares at a penny each in WPCT’s share capital.

“In the circumstances, whilst a reluctant seller, between 3 and 8 July Mr Woodford sold 1.75 million of his WPCT shares, around 60% of his holding. The sole reason that he did so was in order to meet personal financial obligations, including a tax liability,” WPCT said in a statement. (Reporting by Huw Jones Editing by Rachel Armstrong)

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