(Alliance News) - Woodford Patient Capital Trust PLC on Monday said it is considering whether or not to replace Neil Woodford as its portfolio manager, after the star fund manager suspended suspended withdrawals from his open-ended equity income fund in June.
The closed-ended investment trust separately said that Neil Woodford has sold around 60% of his stake to meet personal financial obligations, including a tax liability.
Neil Woodford, the head of the company's investment manager Woodford Investment Management Ltd, sold 1.75 million shares in Woodford Patient Capital Trust between between July 3 and July 8. He now owns 1.3 million shares, a 0.14% interest.
Shares in Woodford Patient Capital Trust were down 0.1% at 53.27 pence each in morning trade in London.
The UK focused investment trust said it has held "preliminary discussions with select management groups that have approached the company regarding the ongoing management of WPCT".
"The board intends to engage with a broader range of third-party managers in order to undertake a full assessment of all potential management options, which may or may not lead to a change in the Company's management arrangements," the trust said, adding that it continues to monitor and assess all available options.
Neil Woodford in June suspended withdrawals from his equity income fund, LF Woodford Equity Income Fund, as the fund's underperformance resulted in significant outflow of investors. The move was sparked by Kent County Council seeking the return of around GBP250 million.
