British fund manager scrambles to overhaul investment fund.
The Evening Standard reports that on Tuesday Neil Woodford on Tuesday dumped GBP 23 million of shares in Benchmark Holdings.
Britain’s best-known manager, Neil Woodford, who was once described by the BBC as “the man who can’t stop making money” has suffered a disastrous 12 months as investors abandoned his funds in their droves.
Investment firm Kverva Finans, which owned a small stake in Benchmark, on Tuesday disclosed a 11.4% holding in the company, suggesting it was the buyer of the shares, the publication reported. Gustav Magnar Witzøe, son of SalMar founder Gustav Witzøe, is a principal shareholder in SalMar via Kverva – which in turn owns owns 52.46 percent of the shares in SalMar.
“Neil Woodford is selling smaller cap stocks like Benchmark to raise money to buy FTSE 100 and FTSE 250 stocks on the cheap,” wrote the Standard.