It has been confirmed that Aberdeen Standard will take over the management of the currently suspended LF Woodford Income Focus fund. The administrator Link along with Aberdeen Standard and the fund's depository Northern Trust have agreed to waive their fees for their roles until 31st May 2020. Link have stated that this will result in the fees that investors pay will be reduced by 0.5 per cent.
As soon as possible the name of the fund will be changed from LF Woodford Income Focus fund to LF ASI Income Focus fund.
Aberdeen Standard will be appointed as manager from 31st December 2019. The £267.6m fund is to be managed by Charles Luke and Thomas Moore, supported by the UK equity team led by Andrew Millington.
Kristy Barr, UK distribution director at Aberdeen Standard Investments has issued the following statement:
"As the UK's largest active asset manager we have a very strong focus on our UK equity franchise and this income strategy is a fantastic enhancement to our offering.
"The excellent long-term track records of Mr Luke and Mr Moore as well as the robustness of our research and risk processes gives us the confidence that we can deliver the expected investment outcome for the existing shareholders as well as others looking for long-term income and capital growth."
For a copy of the letter Link Asset Services have issued, please visit the following link:
- uploaded - 28 January 2020