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Woodford Patient Capital Board considers manager change

The Board of Woodford Patient Capital Trust issued a short update this morning about the potential for a change of manager.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

The Board of Woodford Patient Capital Trust issued a short update yesterday about the potential for a change of manager.

Neil Woodford has run the trust since its launch in 2015. But his position has come under the spotlight recently following the suspension of the LF Woodford Equity Income Fund on 3 June 2019.

The Board plans to speak with a range of investment managers so it can make a full assessment of the options available. Importantly, this might not lead to a change in the trust's current manager. But it's part of the Board's role to monitor all options available to shareholders on an ongoing basis.

A number of management groups have approached the Board with an interest in running Patient Capital, and some preliminary discussions have already been held.

It's not out of the ordinary for other fund management groups to approach investment trust Boards in this way. It doesn’t always lead to any changes, but it's sensible for the Board to at least consider the options.

The team at Woodford Investment Management know the companies in the portfolio well, so it may be decided Woodford remains best placed to keep running the trust. As it stands, the Board says it remains confident in Woodford's commitment to the trust and its day-to-day management. A potential management change shouldn't be ruled out though.

We will continue to monitor the situation closely, and keep clients informed of any further developments.

Key Investor Document

More on this trust, including charges

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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