Tuesday, 15 October 2013

Edinburgh Investment Trust

The share price of EDIN fell sharply this afternoon following the announcement that star fund manager Neil Woodford will be leaving Invesco Perpetual next April to start up his own fund management company.

At the time of posting, the shares are down around 5% at 572p.

The board of Edinburgh issued a statement saying they are reviewing future arrangements and will make a further announcement in due course.

The trust is independent of Invesco and it is possible they will be able to negotiate with Woodford for him to stay on as manager. The alternative may be to appoint Mark Barnett who will be taking over from Woodford as manager of the Perpetual Income fund next April.

Barnett currently manages Perpetual Inc. & Growth IT which has a decent track record.

More on this in due course.

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