|Bid||31.05 x 0|
|Ask||31.30 x 0|
|Day's range||30.90 - 32.23|
|52-week range||0.58 - 91.00|
|Beta (3Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Earnings date||5 Apr 2019|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Shares in Woodford Patient Capital Trust, founded by veteran money manager Neil Woodford, dropped as much as 7% on Monday after the fund cut the valuation of one of its major holdings. WPCT last month named asset manager Schroders to manage its portfolio after the abrupt exit of Woodford following the winding up of his flagship equity income fund. WPCT's net asset value will drop by 4.3 pence following the downward valuation of IH Holdings, a unit of cold fusion technology firm Industrial Heat, as well as the upward valuation of another unnamed company, the fund said in a statement.
The announcement of a new manager has sent the Woodford Patient Capital (WPCT) share price flying, but please read this before you buy.
(Bloomberg) -- The board of Neil Woodford’s listed trust picked a unit of Schroders Plc to take over the portfolio that bears his name, capping off the collapse of his business empire.The move comes nine days after the fund manager announced the liquidation of his firm, ending a fall from grace that counts as one of the most dramatic in London’s financial history. The Woodford Patient Capital Trust Plc will be renamed Schroder U.K. Public Private Trust Plc, according to a statement on Thursday.The trust’s shares surged as much as 32% in London trading on the news. Still, that leaves the trust down about 50% since Woodford stunned the financial world freezing his flagship fund in early June, sparking a chain reaction that ultimately sent the fund manager’s career spiraling.“There really was no choice for the board, and it’s a nice mandate for Schroders,” said Jacob Schmidt, chief executive officer of Schmidt Research Partners, a global investment firm.The board of the trust, which Woodford launched to much fanfare in 2015, had been looking for alternative managers since July. Between July 3 and July 8, Woodford sold 1.75 million shares in the trust — about 60% of his holding — to “meet personal financial obligations, including a tax liability.” But he only notified the board about this share sale two weeks later on July 27.Read more: U.K. Platform AJ Bell Sees Flows Slow After Woodford’s CollapseWoodford stepped down as portfolio manager of the trust on Oct. 15, the same day he was ousted as manager of his flagship fund and announced the shuttering of his investment firm. The shares were trading at a 50% discount to net asset value on Oct. 22.“He sold shares and didn’t show commitment,” Schmidt said. “If you’re responsible, you’re the captain and you’re the last one to leave the ship. Woodford was the captain and should have stayed on board and if he drowns, he drowns.”Schroder Investment Management Ltd. won’t charge a performance fee for managing the trust until Dec. 31, 2022, when it will be eligible to collect 15% of returns above a net asset value of 77 pence per share. The trust’s latest NAV was 63.23 pence on Oct. 22. After that, the firm will charge a performance fee of 15% on returns of 10% or higher, according to the statement.No management fee will be paid for three months after Schroders takes over, according to the statement. After that, it will collect an annual fee of 1% on market capitalization up to 600 million pounds ($774 million), and 0.8% thereafter.To contact the reporter on this story: Suzy Waite in London at email@example.comTo contact the editors responsible for this story: Shelley Robinson at firstname.lastname@example.org, Patrick HenryFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Woodford Patient Capital Trust (WPCT) named asset manager Schroders to manage its portfolio on Thursday after last week's abrupt exit of its founder Neil Woodford. Woodford, one of Britain's most high-profile fund managers, resigned as he shut his business after administrators closed his flagship equity income fund.
The appointment of the new manager for the Woodford Patient Capital Trust follows the implosion of Neil Woodford's investment empire last week.
Woodford Patient Capital Trust (WPCT) named asset manager Schroders to manage its portfolio on Thursday after last week's abrupt exit of its founder Neil Woodford. Woodford, one of Britain's most high-profile fund managers, resigned as he shut his business after administrators closed his flagship equity income fund. It will be renamed Schroder UK Public Private Trust when Schroders takes over the management of the assets, expected by the end of the year, and the new management team will stick to WPCT's existing strategy of investing largely in unlisted firms.
Once one of Britain's most celebrated money managers and idolized by a legion of investor devotees, the collapse of Neil Woodford's business has been swift and brutal. The 59-year-old moved quickly to call time on his eponymous asset management company late on Tuesday, hours after being sacked as manager of the firm's flagship fund by its administrator, Link Fund Solutions. The move followed four months of efforts to sell out of a number of unlisted and little traded stocks - some 20% of the fund's portfolio according to Britain's regulator - and raise cash to pay off investors irked by weak returns.
A second Woodford fund was suspended from trading on Wednesday after embattled investor Neil Woodford resigned as its manager. Link Fund Solutions, administrator of the 258 million pound LF Woodford Income Focus Fund, said it had been forced to act as it expected Woodford's departure to trigger a rush for the exits. Neil Woodford, one of Britain's most high-profile fund managers, called it quits on Tuesday, announcing he was shutting his investment firm after Link sacked him as manager of his flagship 3 billion pound LF Woodford Equity Income Fund.
Link Fund Solutions said investors have been blocked from withdrawing money from the Woodford Income Focus Fund with immediate affect.
A second Woodford fund was suspended from trading on Wednesday after embattled investor Neil Woodford resigned as its manager. Link Fund Solutions, administrator of the 258 million pound ($330 million) LF Woodford Income Focus Fund, said it had been forced to act as it expected Woodford's departure to trigger a rush for the exits. "We expect that the redemptions in the Fund will reach a level whereby it may no longer be able to continue to meet redemption requests without prejudicing the interests of both remaining and redeeming investors," Link said in a letter to investors.
A second Woodford fund was suspended from trading on Wednesday after embattled investor Neil Woodford resigned as its manager. Link Fund Solutions, administrator of the 258 million pound ($330 million) LF Woodford Income Focus Fund, said it had been forced to act as it expected Woodford's departure to trigger a rush for the exits. Neil Woodford, one of Britain's most high-profile fund managers, called it quits on Tuesday, announcing he was shutting his investment firm after Link sacked him as manager of his flagship 3 billion pound LF Woodford Equity Income Fund.
(Bloomberg) -- Neil Woodford’s ouster from the fund bearing his name marks the conclusion of a stunning fall from grace that counts as one of the most dramatic in London’s financial history.Managers are rarely fired from funds they are synonymous with. The closest parallel in recent memory is Bill Gross’s 2014 departure from Pacific Investment Management Co. after an acrimonious dispute over his management of the company he co-founded. But the unraveling of Woodford is different because it stemmed from a crisis that’s taboo in fund circles: A liquidity crunch.By the end of the day, Woodford had bowed out and said he plans to close his investment firm: Woodford Investment Management.“We have taken the highly painful decision to close Woodford Investment Management,” Woodford said in an emailed statement on Tuesday. “I personally deeply regret the impact events have had on individuals who placed their faith in Woodford Investment Management and invested in our funds,” he said.The firm will fulfill its management responsibilities to the listed Woodford Patient Capital Trust Plc and to the LF Woodford Income Focus Fund before closing, he said.Woodford’s ouster from his flagship fund caps the most difficult chapter in a career spanning more than three decades. A fund manager at Invesco Ltd. for a quarter century, he made his reputation by sitting out the dot-com bubble at the turn of the millennium and selling down bank shares in the run-up to the financial crisis, before setting out on his own in 2014. But bets on smaller and even unlisted companies at his new firm eventually were his undoing, leaving him unable to pay back investors who wanted out.Earlier in the day, the administrator of his main investment vehicle fired Woodford as the fund’s manager and said the LF Woodford Equity Income Fund will be liquidated. Woodford objected, saying the decision wasn’t in the interests of long-term investors. While he still owns the firm he co-founded, being kicked out from his biggest fund removes his main source of income.“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,” said Ryan Hughes, head of active portfolios at AJ Bell Plc. Famed InvestorsIn the world of mutual funds, the failure to meet redemptions is akin to a breach of trust, and it’s rare that funds or their managers rebound from a freeze. Swiss money manager GAM Holding AG last year froze funds tied to Tim Haywood after the former star bond manager was suspended and it was unable to meet ensuing redemption requests. Haywood was eventually ousted and the firm had to liquidate its second-biggest strategy with billions of dollars in assets.In 2016, famed U.S. investor Robert Goldfarb retired from the firm he co-founded -- Ruane, Cunniff & Goldfarb -- after a concentrated bet on a troubled drugmaker marred the reputation of a mutual fund that traces its roots to billionaire Warren Buffett. But that investment vehicle, the Sequoia Fund, was able exit the troubled holding without having to suspend redemptions, and performance rebounded in recent years.At Pimco, it took about two years to reverse outflows in the wake of Gross’s departure, underscoring just how closely linked the firm was with its co-founder. But unlike Woodford’s ouster from his main fund, the exit of Gross largely wasn’t related to investment decisions, and the firm didn’t have to freeze its funds. Gross struggled to start a new career after joining a rival firm and retired this year.Fallen StarAt Woodford’s firm, the damage is that much more severe because the firm is built entirely on his investing acumen. The son of a postcard printer, he stumbled into fund management after completing a degree in agricultural economics. His first role running money was at Eagle Star Insurance Group in 1987 before moving to Invesco the following year, where he would make his reputation with contrarian bets.He kept dot-com stocks out of his portfolio at the turn of the millennium, and before the financial crisis in 2008 he began building stakes in defensive stocks like British American Tobacco Plc and GlaxoSmithKline Plc, while eschewing banks. Despite rocky periods -- he declined to buy back those bank stocks before the post-crisis rally, for example -- Woodford maintained an imperious reputation, particularly among retail investors.As his stature in the U.K.’s business community grew, so did his influence. In 2012 he publicly criticized the proposed merger of aerospace giant BAE Systems Plc and French rival Airbus SE (then known as EADS), helping to torpedo the deal.Unlisted CompaniesIn 2013, Woodford announced he would leave Invesco to set up Woodford Investment Management Ltd. He oversaw about 33 billion pounds in assets at the time of his departure, and big chunks of that followed him out the door. St James’s Place Plc, the U.K.’s biggest wealth manager, removed 3.7 billion pounds from Invesco and pledged it to Woodford’s firm even before it was started.The move endowed Woodford with more freedom and allowed him to invest in smaller, less-liquid and even unlisted stocks. It was these investments that would eventually lead to the suspension of redemptions from the fund, as Woodford found himself unable to sell those holdings quickly enough to return money to clients.Though he made his name in blue-chip stocks at Invesco, unshackled by the strictures of corporate bosses he indulged his venture capitalist instincts in the biotech, life-science and health-technology industries particularly.Patient Capital“I strongly believe that investing in early-stage technology businesses can add meaningfully to the long-term performance of the fund,” Woodford wrote in a blog post shortly before opening his Income Fund. There was a lack of investment in early stage companies and patient capital, long term money willing to wait for a company “to blossom”, he wrote.Usually, money managers who want to invest in unlisted companies use fund structures where investor money is locked up for long periods. Woodford’s equity income fund is a more traditional mutual fund, but it’s allowed to have up to 10% of its holdings in unlisted stocks, according to European rules.After an impressive 16% return in 2015, the fund’s performance dropped below peers, leading many investors to pull money. As they cashed out, Woodford was forced to sell more liquid holdings, leaving remaining clients with harder-to-sell assets. When a pension fund for the council workers of an English county asked for its roughly 260 million-pound investment back, Woodford had little choice but to halt redemptions to prevent a firesale.A redemption freeze is designed to allow for an orderly sale of assets, but for investors and supporters it was the last straw. Hargreaves Lansdown, the U.K.’s largest listed fund broker and a long time backer of Woodford, removed his funds from a list of favorites. The mandate from St. James’s Place that had followed Woodford out the door from Invesco was also pulled.(Updates with comment from investment platform in 8th paragraph.)To contact the reporters on this story: Lucca de Paoli in London at email@example.com;Suzy Waite in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Shelley Robinson at email@example.com, Christian BaumgaertelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Woodford Investment Management is shutting down after its founder was dramatically ousted from managing a fund bearing his name.Neil Woodford said in a statement Tuesday that he has “taken the highly painful decision to close Woodford Investment Management.” The firm terminated its agreement to serve as portfolio manager to the publicly listed Woodford Patient Capital Trust Plc, according to a regulatory filing.“I personally deeply regret the impact events have had on individuals who placed their faith in Woodford Investment Management and invested in our funds,” Woodford said in the statement. The firm will close “in an orderly fashion” after fulfilling its remaining management responsibilities, he said.Earlier Tuesday, the administrator of his main investment vehicle fired Woodford as the fund’s manager and said the LF Woodford Equity Income Fund will be liquidated. Woodford initially objected, saying the decision wasn’t in the interests of long-term investors.Woodford’s ouster caps the most difficult chapter in a career spanning more than a quarter of a century. A fund manager at Invesco Ltd. for a quarter century, he made his reputation by sitting out the dot-com bubble at the turn of the millennium and selling down bank shares in the run-up to the financial crisis, before setting out on his own in 2014. But bets on smaller and even unlisted companies at his new firm eventually were his undoing, leaving him unable to pay back investors who wanted out.After an impressive 16% return in 2015, the fund’s performance dropped below peers, leading many investors to pull money. As they cashed out, Woodford was forced to sell more liquid holdings, leaving remaining clients with harder-to-sell assets. When a pension fund for the council workers of an English county asked for its roughly 260 million-pound investment back, Woodford had little choice but to halt redemptions to prevent a firesale.(Updates with Woodford’s comments in third paragraph.)To contact the reporter on this story: Lucca de Paoli in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Michael J. Moore at email@example.com, ;Alan Goldstein at firstname.lastname@example.org, Josh FriedmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- When Neil Woodford locked his flagship fund in early June, the shock waves spread quickly through the U.K. financial world.Long-time backers such as St. James’s Place Plc and Hargreaves Lansdown Plc quickly began cutting ties with Woodford to limit the damage to their own firms. The former star manager came under fire from politicians, and the U.K. markets regulator opened an investigation into the events that led to the fund freeze.Now that the LF Woodford Equity Income Fund is set for liquidation, everyone sucked into the crisis will be counting the costs. Here’s a list of some of the main people and companies affected by Woodford’s meltdown:Andrew BaileyThe head of the Financial Conduct Authority faced criticism for his agency’s oversight of Woodford’s investment firm. He said Woodford had followed the letter, but not the spirit, of the law, and used the occasion to raise the possibility of reforming the rules for open-ended funds. The shock of the fund freeze didn’t help Bailey’s chances to succeed Mark Carney as governor of the Bank of England, a job for which the FCA chief had been seen as a frontrunner. Bailey’s suggestion that the besieged money manager stop charging fees to investors was firmly rebuffed, raising concerns about his ability to get tough.Mark BarnettWoodford’s successor at Invesco Perpetual took over his funds and embraced his investment strategy. Five years on, Barnett is suffering from a similar loss of investors’ confidence. Like Woodford, Barnett increased exposure to smaller companies in recent years, though not to the same extent. About 40% of the holdings in his High Income U.K. Fund were in small- and micro-cap companies in April 2019, up from about 8% in June 2014, according to data compiled by Morningstar.BlackRockThe administrator of the flagship Woodford fund hired a unit of BlackRock Inc. to prepare the portfolio of listed assets for winding down. BlackRock will begin by trying to sell stakes, using the money to buy money market funds and FTSE 100 index instruments. Another firm, PJT Partners, is helping to unload unlisted and hard-to-sell listed assets.Mark CarneyThe Bank of England governor raised the temperature of the response to Woodford’s suspension of his main fund, declaring in late June that funds that hold illiquid assets and allow unlimited withdrawals are “built on a lie.” In July, Carney said that while Woodford’s decision to lock the fund wasn’t “systemic in nature,” it highlighted the issue of funds offering daily redemptions to clients while holding assets that they can’t quickly sell.Hargreaves LansdownThe crisis in Woodford’s fund hit Hargreaves Lansdown hard. The firm, which runs the U.K.’s biggest investment platform, had long been a major supporter of Woodford, and a quarter of its platform customers were exposed to his flagship fund. It acted quickly to contain the damage, dropping platform fees for the fund during the freeze, issuing an apology to clients from CEO Chris Hill and selling its 45 million-pound ($57 million) position in another Woodford fund. The platform’s top executives also gave up their bonuses for this year. The triage strategy seems to have worked: Hargreaves Lansdown attracted 35,000 new clients in the three months through September, up from the year-earlier period.Kent County CouncilThe county authority attempted to pull its investment -- valued at 263 million pounds at the end of April -- out of Woodford’s main fund on June 3. That proved to be the last straw for the money manager, who gated the fund the same day, blocking the withdrawal. The council said on Tuesday that a “managed run-down of the portfolio is in the best interests of all the fund’s investors.”Craig NewmanNewman was head of retail sales at Invesco Perpetual, and left the company shortly before Woodford. As co-founder and CEO of Woodford Investment Management, Newman had a hand in just about everything, including choosing the name.Northern Trust Corp.The listed Woodford Patient Capital Trust Plc agreed in September to cede control over new investments to Northern Trust Corp. in exchange for greater leeway in how his listed trust uses money borrowed from the firm. The trust has a 150 million-pound borrowing facility with Northern Trust, from which it had drawn 113.7 million pounds as of Sept. 4.St. James’s PlaceThe FTSE 100 wealth manager was one of Woodford’s staunchest backers. It pulled 3.7 billion pounds of its clients’ assets out of Invesco and parked it with Woodford before he’d even opened his new firm. Its decision to sever ties with the money manager days after he had frozen his flagship fund deepened the mood of crisis surrounding Woodford’s firm.To contact the reporter on this story: Suzy Waite in London at email@example.comTo contact the editors responsible for this story: Shelley Robinson at firstname.lastname@example.org, Patrick HenryFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Neil Woodford, once one of the most-celebrated U.K. fund managers with a loyal following and billions of pounds under management, has been fired from his flagship equity fund ahead of its liquidation.Here’s a timeline of key events to show how we’ve got here:Late 1980s-2014Works at Invesco Perpetual where he would make his formidable reputation with contrarian bets. As a manager, he kept dot-com stocks out of his portfolio at the turn of the millennium, and before the financial crisis in 2008 he began building stakes in defensive stocks like British American Tobacco Plc and GlaxoSmithKline Plc, while eschewing banks. He had amassed about 33 billion pounds ($42 billion) in assets at the time of his departure.Striking Out on His OwnApril 2014Woodford leaves Invesco after more than 20 years to set up his own firm with Craig Newman, formerly head of retail sales at the asset manager. St. James’s Place Plc pledges to follow him with 3.7 billion pounds even before he turned on the lights of his new firm. The day Woodford announced he was moving on, Invesco’s shares slumped more than 7%.He adds a “stewardship code” on the company’s website, promising openness and transparency in dealing with investors. Woodford posts his positions on his website.Epic Gains2015 In the stock picker’s first full year managing the fund, it rose 16% and beat all 50 of his peers tracked by Bloomberg.Woodford piggybacks off the positive performance to launch an investment trust, the Woodford Patient Capital Trust Plc, which raised 800 million pounds before going public in April 2015, a record for the U.K. investment industry.Style Shift2016In its second full year, Woodford’s flagship fund struggles. It rose 3.2% in 2016 compared with a 14.4% gain on the FTSE 100 Index. Importantly, this is the year the fund begins shifting out of large-cap companies into smaller companies in earnest. Micro-, small- and mid-cap stocks made up almost 55% of the portfolio by the end of the year, according to data compiled by Morningstar Inc.2017It is the worst yearly performance since Woodford broke out on his own, with the fund rising less than 1%. It also marked the year when micro- and small-cap stocks overtook large-cap stocks in the flagship fund. By the end of the year, the holdings are almost 74% of the total.The manager remains confident about the outlook for the U.K. in 2017, saying investors had become far too pessimistic after the Brexit vote. He shifts the fund toward domestic-focused companies including Lloyds Banking Group Plc and a number of homebuilders.Huge Losses2018Woodford’s performance sags, with the flagship fund down 16.5%. It had trailed the benchmark index every year since 2015 and his performance over three years ranked in the bottom percentile among peers. Mid-, small and micro-cap holdings now account for 90% of the whole portfolio.April 2019Mid-, small- and micro-cap companies make up an almost 97% allocation of the fund.Fund SuspensionJune 3, 2019Kent County Council, a local U.K. pension fund and one of Woodford’s investors, asks to redeem its entire investment from the flagship fund. The council had invested 200 million pounds in 2014 and a further 60 million pounds two years later. Its investment was valued at 263 million pounds at the end of April.The move prompts Woodford to suspend redemptions from the fund. The council doesn’t get its money back.Hargreaves Lansdown Plc, one of Woodford’s long-time allies, removes Woodford’s fund from its Wealth 50 list of favorites.Backers RetreatJune 5, 2019St. James’s Place cuts its ties with Woodford. Hargreaves said it will waive its platform fee for investors in the fund.June 10, 2019Woodford says he will only publish the top 10 holdings of his three funds while redemptions are frozen. The move is an abrupt shift from a long-standing commitment to provide transparency about investments.FCA InvestigationJune 18, 2019 The U.K.’s top financial regulator the Financial Conduct Authority opens an investigation into the events leading to the decision to halt redemptions. The investigation will look closely at investments in unquoted securities listed on a stock exchange in Guernsey, according to the FCA.June 26, 2019Bank of England Governor Mark Carney reprimands investment funds that hold illiquid assets but allow for daily withdrawals, adding pressure on firms like Woodford.“These funds are built on a lie, which is that you can have daily liquidity, and that for assets that fundamentally aren’t liquid,” Carney tells a parliamentary committee. “That leads to an expectation of individuals that it’s not that different than having money in a bank. You get a series of problems, you get a structural problem but then you get a consumer issue.”Employees LeaveJuly 2019A number of longtime Woodford employees leave the firm, including Will Deer, who oversaw institutional sales, and Saku Saha, one of the firm’s top fund managers. Deer and Saha had worked alongside Woodford for years at his own firm and before that at Invesco. These departures followed an announcement that the firm was reducing headcount as its assets shrunk. The firm employed 45 people at the end of March 2018.July 17, 2019The head of the U.K.’s financial watchdog weighs in.“We view incidents like the Woodford affair as an example of this -- where firms are following the letter, but not the spirit, of the rules,” Andrew Bailey, head of the Financial Conduct Authority, said at the regulator’s annual public meeting. “It raises questions about the rules themselves.”Fund to LiquidateJuly 2019Between July 3 and July 8, Woodford sells about 1.75 million shares in the trust -- or 60% of his holding -- to meet “personal financial obligations, including a tax liability,” according to a separate statement. He notified the board of the sales on July 27. The delay to the disclosure to the board is widely criticized.July 29, 2019The manager’s listed investment trust announces it is considering replacing him as portfolio manager. The board of the Woodford Patient Capital Trust begins meeting with a range of fund managers and says it’s considering all options.Woodford’s fund administrator Link Fund Solutions Ltd. says the fund may remain locked until early December.Oct. 15, 2019Neil Woodford is ousted from the fund by its administrator, Link Fund Solutions, and BlackRock is appointed to liquidate the listed holdings in the fund. PJT Park Hill, a division of investment bank PJT Partners Inc., was hired earlier in the year and will sell the unlisted positions.Neil Woodford immediately objects, saying, “This was Link’s decision and one I cannot accept, nor believe is in the long-term interests of LF Woodford Equity Income fund investors.”\--With assistance from Silla Brush.To contact the reporters on this story: Suzy Waite in London at email@example.com;Lucca de Paoli in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Shelley Robinson at email@example.com, Ross LarsenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
JP Morgan's UK domestic plays index , which tracks about 30 UK stocks that make all or most of their revenue at home, rose 1%. Britain and the European Union are set for crunch Brexit talks at a summit on Thursday and Friday, with Prime Minister Boris Johnson intent on delivering Brexit on Oct. 31 and the EU still looking for further concessions.
Famed British money manager Neil Woodford shut his asset management business on Tuesday, calling it quits hours after administrators stepped in to wind down his flagship fund and sack him as its manager. Woodford, one of Britain's most high profile investors, had been battling to save his company since June after a flood of investor redemption requests forced him to suspend withdrawals in his flagship LF Woodford Equity Income Fund.