Neil Woodford has sold a £42m stake in a listed retail property company to funds managed by his protégé Mark Barnett at Invesco, in a deal underscoring the close-knit relationship between two of the UK’s best known fund managers.
The sale of NewRiver Reit shares is the latest reshuffle of Mr Woodford’s portfolio at a time when investors have pulled cash from his flagship equity income fund every month for nearly two years.
Woodford’s investment company disclosed on Wednesday that the fund’s assets had shrunk to £4.4bn, down from £4.7bn at the end of February, and 57% lower than its £10.2bn peak in 2017.
