Woodford’s Smaller Fund Weighs Up New Managers, Remains Locked

(Bloomberg) -- Investors will remain locked out of the last fund still run by Neil Woodford as its administrator seeks a replacement manager.

Link Fund Solutions Ltd. has held initial meetings with potential managers for the LF Woodford Income Focus Fund, according to a statement on Wednesday. Other options include transferring the assets to another fund in exchange for investors receiving shares or shuttering the fund, the statement said.

“We have now held initial meetings with the shortlisted managers to confirm their suitability and to explore with them which” options best serve investors’ interests, Link said in the statement.

The fund manages about 253 million pounds ($325 million), down from a peak of 747 million pounds, according to Morningstar Inc. The administrator froze redemptions on Oct. 16 and said it would review the suspension every 28 days.

Battered money manager Woodford saw a dramatic fall from grace this year which kicked off in June when he froze redemptions in his flagship fund. Five months later, he announced he was closing his firm.

To contact the reporter on this story: Suzy Waite in London at swaite8@bloomberg.net

To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, Chris Bourke

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