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Simon Mugo

Why is Woodford Patient Capital Trust looking to sack Neil Woodford?

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The independent board that oversees Woodford Patient Capital Trust (LON:WPCT) is negotiating with other money managers who could be potential replacements for Neil Woodford following the recent scandals at the firm. The board confirmed on Monday that it had received offers from other fund managers who were keen to take over the running of the WPCT investment trust, which has an independent board that can hire or fire the investment manager if they so decide. WPCT shares have lost 30% of their value since June 2019 when the Woodford Equity Income Fund (WEIF) had to halt investor redemptions after a bank run that followed months of losses at the fund. The board said that it has been monitoring the situation at the above open-ended fund given that the WPCT is a closed-ended trust that was also run by Neil Woodford and has positions in the same illiquid companies that the WEIF held. The board confirmed that its main priority is to protect shareholders interests and that it will engage with other third-party managers in order to find the best way to manage the WPCTs funds, which may include the firing of Mr Woodford.

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