Circassia Boss Harris To Step Down As Director Of Woodford Patient

(Alliance News) - Woodford Patient Capital Trust PLC on Monday said Steven Harris, co-founder & chief executive officer of Circassia Pharmaceuticals PLC, intends to step down as a non-executive director at the end of September.

The trust's embattled investment manager, Woodford Investment Management Ltd, until July held around a 20% stake in Circassia Pharmaceuticals.

Woodford Patient Capital has been considering whether or not to replace Neil Woodford as its portfolio manager, after the star fund manager suspended withdrawals from his open-ended equity income fund in June.

Neil Woodford is the head of Woodfood Patient Capital's investment manager Woodford Investment Management.

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 now needing time to "reposition" its portfolio invested in unquoted and less liquid stocks into more liquid investments.

Woodford Patient also said on Monday that experienced fund manager Jane Tufnell will join as independent non-executive director with immediate effect. Tufnell will become a member of the company's audit, risk & valuation and management engagement committees.

Tufnell has spent the majority of her career at Ruffer Investment Management, which she co-founded in 1994. She is currently chair of Odyssean Investment Trust PLC, senior independent director of Record PLC, and a non-executive director of ICG Enterprise Trust PLC, Diverse Income Trust PLC and JPMorgan Claverhouse Investment Trust PLC.