BMO's Hewitt to use Barnett's trust as 'cash source' after learning lessons from Woodford

Reducing holding in Perpetual

BMO Global Asset Management's Peter Hewitt will use its remaining holding in Mark Barnett's Perpetual Income & Growth "as a source of cash" for the BMO Managed Portfolio trust, as he admitted to having learnt lessons from backing Woodford Patient Capital from IPO.

Hewitt said he had been reducing his holding in Perpetual, which used to be a top five holding in both the Income and Growth portfolios, but is now only a small position in the former. Woodford in talks over new venture - reports The manager said he had concerns over the amount of money Barnett was running, particularly with outflows from his two open-ended funds, the £4.6bn Invesco High Income and £2.1bn Invesco Income funds. Hewitt told Investment Week that while "it has not missed a beat on dividends, which is good, I am concerned… I think Barnett is running too much. The next m...