(Alliance News) - Woodford Patient Capital Trust PLC said on Tuesday that Woodford Investment Management Ltd has served notice of termination in relation to its role as portfolio manager.
The move came "in light of recent events", Woodford Patient Capital said.
During its three-month notice period, Woodford Investment Management has committed to work "collaboratively" with the board and its advisers in order to protect the interests of shareholders.
"The board is in advanced discussions in relation to the ongoing management of the company's portfolio and expects to be in a position to announce details of the new management arrangements shortly," said Woodford Patient Capital.
Earlier on Tuesday, Woodford Patient Capital said the corporate director of the LF Woodford Equity Income Fund had decided to wind the fund up.
Link Fund Solutions decided not to re-open the fund, and will be winding it up "as soon as practicable". Woodford Investment Management ceased, with immediate effect, to be the investment manager of LF Woodford Equity Income Fund.
Woodford Investment Management also manages Woodford Patient Capital, which repeated earlier Tuesday that it was reviewing its own management arrangements and would 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.
Woodford Patient Capital said closed down 8.6% at 34.398 pence in London on Tuesday.
By George Collard; georgecollard@alliancenews.com; updated by Lucy Heming; lucyheming@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
