Neil Woodford's publicly traded fund plans to replace him as manager

LONDON (Reuters) – Outstanding fund manager Neil Woodford could be replaced by the portfolio manager of his eponymous investment fund, Woodford Patient Capital Trust.WPCT.L).

The WPCT declared Monday that it had received "third party" offers to take over the management of the trust portfolio and that it was considering them.

"Therefore, while the board remains confident in the portfolio manager's commitment to WPCT … the board of directors intends to engage with more people third-party managers to conduct a full badessment of all potential management options, "WPCT said in a statement. declaration.

"The board of directors will update the market when the time comes, if any," he added, saying that he was working with Woodford to reduce borrowing.

WPCT said Woodford, whose separate stock fund was suspended in June, sold 1.75 million shares in WPCT between July 3 and July 8.

"Under the circumstances, while a reluctant seller … Mr. Woodford has sold … about 60% of his stake. The only reason he did it was to meet his personal financial obligations, including a tax liability, "the WPCT said in a statement.

The WPCT stated that after the suspension of the Woodford Equity Income Fund, Neil Woodford had elected to take no income or dividend from Woodford Investment Management Limited during the suspension, which remains in place.