(Alliance News) - Woodford Investment Management Ltd transferred a series of holdings on Wednesday as the embattled fund handed over parts of its portfolio to Schroders PLC.
At the beginning of June, Neil Woodford took the decision to suspend withdrawals from his equity income fund due to "an increased level of redemptions", with the fund needing time to "reposition" its portfolio invested in unquoted and less liquid stocks into more liquid investments.
Woodford Investment Management then resigned as portfolio manager of London-listed Woodford Patient Capital, following the wind up of his flagship LF Woodford Equity Income Fund.
Woodford Patient then appointed Schroders Investment Management as its new manager - resulting in the fund to change its name to Schroder UK Public Private Trust PLC.
On Wednesday, Woodford's 8.0% holding in Mereo Biopharma Group PLC, 16.6% stake in ReNeuron Group PLC and 16.7% stake in NetScientific PLC were transferred to Schroders.
By Paul McGowan; paulmcgowan@alliancenews.com
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