Woodford Investment Management is closing down after Neil Woodford stepped down as manager of the Woodford Patient Capital trust (WPCT).
In an RNS announcement today (15 October), the board of WPCT said "in light of recent events" WIM had "served notice of termination in relation to its role as portfolio manager".
The decision by WIM followed an announcement by Link Fund Services, ACD of the open-ended Woodford Equity Income fund (WEIF), earlier today that the gated fund would be wound up and WIM had been removed as manager of the vehicle. The move prompted analysts to warn investors in WPCT the trust could also see Woodford removed as manager.
I personally deeply regret the impact events have had on individuals who placed their faith in Woodford Investment Management and invested in our funds"
The board of WPCT commented: "During its three-month notice period, WIM has committed to work collaboratively with the board and its advisers throughout this transition period in order to protect the interests of shareholders.
"The board is in advanced discussions in relation to the ongoing management of the company's portfolio and expects to be in a position to announce details of the new management arrangements shortly."
Following the announcement, Neil Woodford said the firm had "taken the highly painful decision to close Woodford Investment Management".
He added: "We will fulfil our fund management responsibilities to WPCT and the LF Woodford Income Focus Fund and once completed will close the company in an orderly fashion.
"I personally deeply regret the impact events have had on individuals who placed their faith in Woodford Investment Management and invested in our funds."
This article was first published by Investment Week, a sister title to International Investment.