Woodford ripple effects
The financial headlines were dominated by the fallout from Woodford Investment Management’s decision to suspend the LF Woodford Equity Income Fund (EIF). Chair of the Treasury Select Committee Nicky Morgan has written to the Financial Conduct Authority to clarify what supervisory work the regulator has conducted with the fund. FCA chief Andrew Bailey is set to appear before the committee on 25 June. Short bets against Woodford Patient Capital Trust, in which EIF owns shares, have also risen, with the shares trading at a 33 per cent discount to their net asset value at the end of April, at the time of writing.
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