Whitechurch Securities has swapped Neil Woodford's High Income fund for Mark Barnett's UK Strategic Income offering ahead of the former's departure from Invesco Perpetual.
The broker's holding in Woodford's Invesco Perpetual High Income fund has been exited following a review, with Whitechurch citing the possibility of redemptions as a factor in the decision. Ben Willis, head of research, said: "We will probably see some more outflows from Woodford's fund, and we do not want to be affected by forced selling or increased dilution adjustments." Invesco Perpetual has already implemented a dilution adjustment to the price of Woodford's funds, moving to bid pricing on both portfolios after a rise in outflows. Willis said Barnett's fund is the closest rep...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
