Woodford gets custody of Edinburgh IT

Industry veteran Neil Woodford is to take responsibility for Edinburgh Investment Trust from Fidelity managers

Invesco Perpetual's Neil Woodford is taking over from three Fidelity co-managers as head of the Edinburgh Investment Trust with immediate effect. Sam Morse had been in control of the dividend-focused part of the portfolio, while Rita Grewal was responsible for the overall management of the Trust. John Stavis ran the higher income portion of the vehicle but relinquished control when he took a sabbatical in June. The trust's board had singled out Stavis' mandate as failing to meet expectations, even allowing for difficult conditions as markets continued to fall. Its lagging performanc...