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FTSE climbs back over 7,000 to hit 14-month high on strong US and Chinese economic data
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JEFF PRESTRIDGE: FCA stuck in lockdown over Woodford saga
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Another week goes by and yet again there is more depressing news on fallout from the demise of the Woodford investment empire.
Will this stream of awfulness ever end? Will the regulator ever take responsibility for dealing with this investment travesty and hold those responsible (Neil Woodford, fund overseer Link and Woodford evangelist Hargreaves Lansdown) to account? Not for a while I fear.
Questions and sadly no answers – the regulator, it seems, has decided to go into permanent lockdown on this issue. (Note to the Financial Conduct Authority: lockdown starts ending tomorrow.)
Woodford saga: The FCA needs to come out of lockdown tomorrow and do the job it is paid to do - protect financial consumers, says Jeff Prestridge
Investors hit by £120m writedown to former Woodford funds
Value of stocks backed by disgraced former fund manager slashed
Writedowns come as Mr Woodford attempts to relaunch his career
Investors in Neil Woodford s former funds have taken a £120m hit after the value of stocks backed by the disgraced fund manager was slashed by supervisor Link Fund Solutions.
Trapped investors in the failed Woodford Equity Income fund were hit with a 25pc loss on Thursday as Link wrote down the value of the remaining assets to £124m, down from £164m.
That followed Link s £80m writedown to the Schroder UK Public Private investment trust on Wednesday, sending the shares 17pc lower. Mr Woodford resigned as manager of the trust, formerly called Woodford Patient Capital, in 2019 after he was sacked by Link as Woodford Equity Income s manager.
Trust formerly led by Woodford sells Carrick Therapeutics stake at discount Irish biopharmaceutical company stake part of package sold to Rosetta Capital
Fri, Apr 9, 2021, 17:07
Schroder UK Public Private Trust, which was previously led by disgraced fund manager Neil Woodford, has sold its stake in Irish biopharmaceutical company Carrick Therapeutics at a marked discount.
The fund recently sold its shareholding in Carrick and another six companies to life-science venture capital firm Rosetta Capital for a combined £52 million (€60 million). This marks an aggregate 22 per cent discount on the value of those companies since September 2020.
The fund’s stake in Carrick was valued at £18.2 million at that time. The deal has just completed with Schroder this week saying the Carrick stake “will be revalued as a result of the implications from the Rosetta transaction”.
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