Woodford fund says administrator cut valuation of BenevolentAI stake

(Reuters) - Woodford Capital Patient Trust WPCT.L (WPCT), the listed fund run by money manager Neil Woodford, said its authorised corporate director Link Fund Solutions had cut the valuation of its stake in BenevolentAI last week.

WPCT said last week Link Fund Solutions would cut the valuation of its stake in one of the company’s holdings.

WPCT said at the time the adjustment would impact its net asset value by about 4 pence per share, without disclosing any further details of the holding.

Veteran money manager Woodford froze his flagship equity income fund on June 3 because it could not meet redemption requests, a move which has prompted an outcry from lawmakers and investors, a probe by regulators and share price losses and outflows from his other two funds.

BenevolentAI creates technology to change the way medicines are discovered, developed, tested and brought to market.

Reporting by Noor Zainab Hussain in Bengaluru; editing by David Evans