(Alliance News) - The corporate director of the LF Woodford Equity Income Fund has decided to wind the fund up, Woodford Patient Capital Trust PLC said on Tuesday.
Link Fund Solutions Ltd has decided not to re-open the fund, and will be winding it up "as soon as practicable".
Woodford Investment Management Ltd will cease, with immediate effect, to be the investment manager of LF Woodford Equity Income Fund.
Woodford Investment Management also manages Woodford Patient Capital, which repeated Tuesday that it is reviewing its own management arrangements and will make an announcement "in due course".
At the beginning of June, stockpicker Neil Woodford took the decision to suspend withdrawals from the 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.
Since then, the investor has made numerous disposals of stakes in London-listed firms.
By George Collard; georgecollard@alliancenews.com
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