Smaller Woodford fund changes name, gets lower return target

LONDON, Jan 7 (Reuters) - The frozen LF Woodford Income Focus fund, formerly run by veteran money manager Neil Woodford, will change its name to reflect its change of management and have a lower returns target, its authorised corporate director Link Fund Solutions said on Tuesday.

Link Fund Solutions froze the 270 million pound ($354.43 million) fund in October after Woodford closed his firm, following the collapse of his flagship 3 billion pound fund.

The smaller fund will be called the LF ASI Income Focus Fund, Link said in a statement. Link said last month this fund would be run by Aberdeen Standard Investments.

The fund will aim to achieve a yield higher than the average yield of the FTSE All Share Index over a three-year rolling period. The yield of the index was 4.5% over the past 12 months, Link said. The previous income target of 5 pence per share per annum would have given a yield of 7.5%.

Woodford came in for criticism for his high level of exposure to risky assets. The repositioning costs of the fund will come to around 0.27% of its value, Link said.

Link reiterated that the fund will reopen no later than February 2020.

$1 = 0.7618 pounds Reporting by Carolyn Cohn. Editing by Jane Merriman