Woodford Concerns

bowlhead99

dividendhero wrote: »

ZingPowZing wrote: »

I wouldn't describe the average Woodford investor as a "rainbow chaser." His funds are rather populated with investors from the other end of the spectrum. I feel sorry for them, particularly as some seem to have been "put away" by the conservative financial house who carried their trust.

It's not libel say Hargreaves Lansdowne

ZPZ may be trying to limit how often he uses their name due to having a grudge against them and always being seen to be on their case since they were unhelpful when he was trying to do a pension transfer.

I'm not sure one would describe HL as a 'conservative financial house', they are simply a broker /fund platform with 'reassuringly expensive' pricing and a higher than average level of editorial to help you feel less intimidated by DIY investing , while also promoting their own multi manager (multi fee layer) solutions. They're not impartial because like many businesses, they have a vested interest in your buying what they would like you to buy, and if you buy advice, it won't be independent because they're not independent advisers.

Anecdotally (from IFAs here), IFAs weren't steering clients towards Woodford in recent years, while HL were. They didn't build their reputation on being 'conservative' though. I suppose we can now say for sure that they won't at some point go back to recommending WEIF... but they will still have their favourites.

AnotherJoe

Karatekid wrote: »

Amateur? Don't be a tool

That was sincerely meant in jest / to let you know others screw up as well.
My apologies if it hit a nerve.

[Deleted User]

dividendhero wrote: »

It's not libel say Hargreaves Lansdowne

Indeed, hero,Hargreaves Lansdown appear guilty of over-egging this particular pudding.

In mitigation, Hargreaves Lansdown did waive their management fees after trading in the fund was suspended on June3rd -knock yourselves out, Hargreaves Lansdown! - unfortunately Hargreaves Lansdown clients were still paying Woodford's fees through the suspension.

bowlhead himself has kindly sketched how one aspect of how Hargreaves Lansdown's relationship with the Woodford fund was a win/win for both, (#22 on the Woodford Equity income thread) but there were other "synergies", mutually beneficial to both parties if not Hargreaves Lansdown clients.

Thrugelmir

Sailtheworld wrote: »

I'm surprised that people with an investing edge are so altruistic as to pay a third party to do their investing for them.

Edges are generally limited to specific companies or sectors. Broader investing requires research. Research costs money (or a lot of personal time).

Moe_The_Bartender

This just in:

"Woodford Patient Capital Trust plc

Portfolio Manager

The Board of Woodford Patient Capital Trust plc (the "Company" or "WPCT") announces that, in light of recent events, Woodford Investment Management Limited ("WIM") has today served notice of termination in relation to its role as Portfolio Manager.

During its three-month notice period, WIM has committed to work collaboratively with the Board and its advisers throughout this transition period in order to protect the interests of shareholders.

The Board is in advanced discussions in relation to the ongoing management of the Company's portfolio and expects to be in a position to announce details of the new management arrangements shortly."

Brian65

Sailtheworld wrote: »

50% of the people in a trade are making the wrong call.

What if I'm retired and selling to pay for my retirement, to someone who is buying to save for their retirement.
Both buyer and seller can be making the right call.

ffacoffipawb

Brian65 wrote: »

What if I'm retired and selling to pay for my retirement, to someone who is buying to save for their retirement.
Both buyer and seller can be making the right call.

You would be selling to a market maker or broker usually, not another investor.

talexuser

Moe_The_Bartender wrote: »

This just in:

"Woodford Patient Capital Trust plc

Portfolio Manager

The Board of Woodford Patient Capital Trust plc (the "Company" or "WPCT") announces that, in light of recent events, Woodford Investment Management Limited ("WIM") has today served notice of termination in relation to its role as Portfolio Manager.

During its three-month notice period, WIM has committed to work collaboratively with the Board and its advisers throughout this transition period in order to protect the interests of shareholders.

The Board is in advanced discussions in relation to the ongoing management of the Company's portfolio and expects to be in a position to announce details of the new management arrangements shortly."

So we're swapping a manager who takes no fees for someone who does take fees? Unless the idea is to just wind it up.

masonic

Moe_The_Bartender wrote: »

This just in:

"Woodford Patient Capital Trust plc

Portfolio Manager

The Board of Woodford Patient Capital Trust plc (the "Company" or "WPCT") announces that, in light of recent events, Woodford Investment Management Limited ("WIM") has today served notice of termination in relation to its role as Portfolio Manager.

During its three-month notice period, WIM has committed to work collaboratively with the Board and its advisers throughout this transition period in order to protect the interests of shareholders.

The Board is in advanced discussions in relation to the ongoing management of the Company's portfolio and expects to be in a position to announce details of the new management arrangements shortly."

Wow, the share price is already nearing AnotherJoe's original estimate of fair value. This news could cause it to open even lower than that tomorrow... though on the other hand it could be received positively.

talexuser

The Grauniad says Woodofrd has quit from his TWO remaining funds, ie Income Focus too.