Wise Funds said it has sold its holding in Woodford Patient Capital and apologised to investors in its TB Wise Multi-Asset Growth fund for the 1.8% of performance the investment cost since it was bought in March 2018.
Vincent Ropers, manager of the Wise fund, said it decided to liquidate its entire holding in WPCT on Tuesday (15 October) afternoon after the winding up of the Woodford Equity Income fund (WEIF) "significantly increased the risk in WPCT". Ropers said he was "disappointed to have needed to take this course of action". He added: "We remain convinced we were correct in our assessment of the holdings in the trust and Neil's ability to manage such assets. Our initial entry point was also a long time away from the hype surrounding the launch. "However, we underestimated the impact large ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
