LONDON (Reuters) - Embattled money manager Neil Woodford could be replaced as the portfolio manager of his namesake listed investment fund Woodford Patient Capital Trust (L:WPCT).
WPCT said on Monday that it had received offers from "third parties" to take over managing the trust's portfolio and that it was considering them.
"Therefore, whilst the board remains confident in the portfolio manager's commitment to WPCT... the board intends to engage with a broader range of third-party managers in order to undertake a full assessment of all potential management options," WPCT said in a statement.
"The board will update the market in due course, as appropriate," it added, saying the board had been working with the Woodford to reduce borrowing.
WPCT said that Woodford, whose separate flagship equity fund was suspended in June, had sold 1.75 million shares in WPCT between July 3-8.
"In the circumstances, whilst a reluctant seller... Mr Woodford sold...around 60% of his holding. The sole reason that he did so was in order to meet personal financial obligations, including a tax liability," WPCT said in a statement.
WPCT said that after the suspension of the Woodford Equity Income Fund, Neil Woodford elected not to take any income or dividends from Woodford Investment Management Limited during the suspension, which remains in place.