Neil Woodford

Woodford Income Focus Fund to remain shut

Neil Woodford
Reuters

The Woodford Income Focus Fund is staying shut as administrators continue to try to find a new manager or choose to roll it up into another fund.

In a letter sent to investors today, Link Asset Services said that the fund - suspended on 15 October - would remain shut for another 21 days while it explores options, although it states that "We are now in the final stages of that process".

It promises: "We will write to you again as soon as our review is complete and in any event this will be no later than 30 December 2019."

Since suspension the fund value has fallen 1.99% while the FTSE All-Share has risen 0.21%.

Woodford investors face losses

Today Programme

BBC Radio 4

nield woodfrd
WOODFORD INVESTMENT FUND

Investors in Neil Woodford's Equity Income fund face losing a third of their savings, according to the bank PJH Park Hill commissioned by the administrator of the fund.

The findings were reported by Citywire which said savers in fund would lose 32.5% of their savings, or up to 42.6% in a worse case scenario.

Shanti Kelemen, investment director, Brown Shipley, told BBC Radio 4's Today Programme that "when you are selling things in a hurry you often have quite a big discount”

Woodford Income Focus Fund to remain shut

Neil Woodford
Reuters

The Woodford Income Focus Fund is staying shut as administrators continue to try to find a new manager or choose to roll it up into another fund.

In a letter sent to investors today, Link Asset Services said that the fund - suspended on 15 October - would remain shut for another 21 days while it explores options.

Since suspension the fund value has fallen 0.33% while the FTSE All-Share has risen 2.12%.

Woodford fund slashes value of Brad Pitt-backed cold fusion firm

Brad Pitt
Getty Images

A fund formerly run by crisis-hit Neil Woodford has slashed the value of its stake in a Brad Pitt-backed nuclear energy company.

Woodford Patient Capital Trust cut the valuation of its holding in Industrial Heat, an unproved cold fusion venture, by £45m.

It is the second time that Mr Woodford's former fund has written down Industrial Heat, which plans to develop a controversial and unproven nuclear technology.

The fund took a £30m writedown on the company in August.

The Woodford funds own around a quarter of Industrial Heat, which was once valued at nearly $1bn (£774m).

More frustration for Woodford investors

Neil Woodford
Reuters

Frustrations continue for investors with cash locked away in the Woodford Income Focus Fund.

Two weeks ago shares in the Fund were suspended from dealing amid a rush to pull out investor money.

Today Link Asset Services - which runs the fund - has written to investors to tell them the Fund will remain suspended until at least 13 November.

In that two weeks Link will decide whether to appoint another investment manager to replace Neil Woodford or transfer the fund's assets into another fund.

However there's one sliver of good news: since suspension the fund has slightly outperformed the FTSE All-share index.

The Woodford Income Focus Fund has climbed 1.39% since 15 October while the FTSE All-Share is up just 1.10%.

Woodford fund rises 30%

Neil Woodford
Reuters

Shares in Woodford Patient Capital Trust climbed 30% today after it revealed that Schroders will take over its management, as we reported this morning.

As an investment trust, Woodford Patient Capital is listed on the stock market and has a board of directors that oversees it and is independent from the fund manager.

Schroders said it will manage the fund in line with "existing investment objective and policy".

The share price rose above 40.0 earlier but has now slipped back slightly to 38.50.

AJ Bell benefits over Hargreaves woes

Salford's A J Bell stadium
Salford Council

Investment platform AJ Bell said it attracted 17% more customers in the last year, increasing the total to 232,066.

The company listed last December and has since seen its shares rise by more than 70%.

"Our first full year trading update since the (listing) demonstrates the resilience of our business model," said chief executive Andy Bell.

"During periods of unsettled markets and political uncertainty customers have a greater need for established, trustworthy businesses."

That was a thinly-veiled reference to investment platform rival Hargreaves Lansdown which has been dragged down by its close links to Neil Woodford.

Hargreaves' shares have lost more than a fifth of their value since the Woodford fund was suspended.

Schroders to takeover Woodford fund

Neil Woodford
Reuters

Investment management firm Schroders is to take over management of the Woodford Patient Capital Trust, one of the last of stock picker Neil Woodford's businesses to still be trading.

Schroders will manage the fund, which is listed on the London Stock Exchange, in line with "existing investment objective and policy", Woodford Patient Capital said in statement.

Last week, Woodford said he would close his last two funds, Income Focus and Woodford Patient Capital, and shut his investment management business.

In a statement to the stock exchange, the fund's chairman, Susan Searle, said: "I would like to thank our shareholders for their support throughout this process as we have worked to put in place the right portfolio manager against the background of challenging circumstances."