Woodford shutters firm, third fund

Neil Woodford’s fall from grace reached its end Tuesday night when the former star fund manager disclosed his firm, Woodford Investment Management, would be wound up after he was terminated as fund manager from his namesake investment trust, Woodford Patient Capital Trust.

The move came less than 24 hours after the announcement that Woodford’s flagship fund, Woodford Equity Income Fund, would be shut down, with Woodford terminated as fund manager and remaining assets returned to investors. The WEIF, which as of Aug. 31 had about £3.1 billion ($3.9 billion) in assets, has seen its value fall 30% in the past year and 10% in the past month. At its peak in 2017, the fund had £10 billion ($12.6 billion) in assets (see “Woodford Flagship Fund Implodes”)...