To be called the CF Woodford Income Focus Fund, a spokesperson for the firm confirmed it is due to launch in March 2017, with a fixed-offer period, adding that exact dates for the launch will be announced in due course.
Portfolio Adviser understands the new fund will have no geographical constraints, but is likely to retain a UK-orientation. It will aim to deliver an income of 5p per share in its first full calendar year in 2018, after which the intention will be to deliver modest, sustainable income growth over a rolling five-year period.
It is expected that the fund will not invest in unquoted businesses, focusing instead on listed securities.
