Invesco washes its hands of 12% stake in Provident Financial
Mark Barnett had inherited the stake in the doorstop lender from Neil Woodford
Mark Barnett had inherited the stake in the doorstop lender from Neil Woodford
City watchdog has been investigating Moneybarn since December 2017
Lapsed deal happens in the shadow of Woodford flagship fund suspension
Bid is backed by biggest shareholders Neil Woodford and Invesco
Kevin Murphy argues minority shareholders are not being protected
Star manager and Invesco on both sides of the deal
Star manager is the largest shareholder in the doorstep lender
Integrafin chairman Patrick Snowball has stepped down from the Transact parent to join Provident Financial.
Trojan Income manager Francis Brooke has cut portfolio holdings that could cause liquidity issues after doorstep lender Provident Financial delivered a substantial hit to fund performance over the last year.
Provident Financial is embroiled in a legal battle with Aberdeen Standard Investments, one of its largest investors, over an FCA probe into its troubled credit card unit Vanquis Bank.
EdenTree fund manager Sue Round has blamed “savage downgrades” among fund holdings for recent fourth quartile performance, including Provident Financial, which she argues does hold a place in an ethical portfolio.
Another of Neil Woodford’s majority-owned holdings, Spire Healthcare, stumbled on Friday as it reported weaker earnings and announced its CFO had stepped down.