Neil Woodford faces being sacked from managing the assets of his namesake listed...
LONDON - Neil Woodford faces being sacked from managing the assets of his namesake listed investment fund, the latest knock to the embattled money manager after his flagship fund was suspended from trading.
While the listed Woodford Patient Capital Trust carries his name, the company board has the ability to appoint another manager to run the assets and said on Monday it was considering offers from “third parties” to do just that. The move by WPCT comes around a month after it announced a series of responses to its sliding share price, including plans to cut debt, hire new board members and improve oversight of stake sales in the suspended fund.
As well as being subject to a regulatory probe over the circumstances surrounding the suspension of the fund, Woodford is also under fire for continuing to charge management fees to clients trapped in the suspended fund.
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