June 12, 2019 / 5:24 PM / 2 months ago

Assets in Woodford's smaller fund shrink: Morningstar

LONDON (Reuters) - Assets under management in Neil Woodford’s Income Focus Fund have fallen by more than 100 million pounds ($127 million) since the suspension of trading in his main fund last week, data from Morningstar showed.

Investors have grown nervous about Woodford after the freezing of his flagship 3.7 billion pound Equity Income Fund on June 3.

Wealth managers St James’s Place and Openwork also pulled separate mandates totaling nearly 4 billion pounds from Woodford last week.

Assets in the smaller Woodford Income Focus Fund were 371 million pounds on June 11 compared with 480 million pounds on June 3, data from Morningstar showed.

In addition to the two open-ended funds, Woodford has a listed fund, Woodford Patient Capital Trust (WPCT). The trust closed down 4% on Wednesday and has lost 28% since the freezing of the flagship fund.

The Financial Times reported on Wednesday the trust may drop Neil Woodford as manager.

WPCT is meeting investors this week and no decision has been made about the management of the fund, according to a source familiar with the matter.

In a letter to financial advisers sent this week, Woodford apologized for the “anxiety” he had caused and said he would take part in live web Q&A sessions over coming weeks.

Reporting by Carolyn Cohn; editing by Simon Jessop and Elaine Hardcastle

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