Woodford IM to transfer unquoted stocks from Equity Income fund to Patient Capital trust

Income Focus fund moves sector

Woodford Investment Managers has announced plans to switch exposure to unquoted stocks in its £4.6bn Equity Income fund in favour of buying shares in the £691m Woodford Patient Capital Trust, also run by Neil Woodford.

The firm said it has sold some of the unquoted stocks to Patient Capital. In a statement, Woodford IM said the move has been made ahead of any potential regulatory changes following the Financial Conduct Authority's discussion paper Patient Capital and Authorised Funds published in December. This highlighted patient capital assets are currently constrained by liquidity and exposure limits in open-ended funds. The regulator is, as a result, exploring whether these restrictions are appropriate, or whether they should be relaxed. Additionally, Woodford IM said the Patient Capital trus...