Ryan Hughes, head of active portfolios at AJ Bell, comments:
“The closure of Woodford Investment Management had a feeling of inevitability about it. Without the fees from the equity income fund and with no performance fee coming from the Patient Capital Trust, it was difficult to see how the business could survive.
“This creates further uncertainty for a larger number of customers and the key now is that they are given information about what is going to happen to their investments as soon as possible. The Board of the Patient Capital Trust has clearly been considering its options already and I’d expect to see an announcement very soon from them. I’d also expect to see an announcement tomorrow from Woodford or Link about the future of the Income Focus fund.”