It is a tough time to be a fund manager. Neil Woodford, the epitome of the star stock- picker, has pulled down the shutters on his flagship equity income fund after a series of dud calls. Thousands of investors remain trapped.
Woodford’s fall from grace has sent shockwaves through the industry, and last week, the Bank of England warned of a clampdown on open-ended funds. Investors were already hesitant about parting with their cash amid Brexit uncertainty. The rise of cheap trackers that simply follow an index has also pummelled fund managers.
Premier Asset Management is not immune. The fund management group, which listed on AIM in October 2016 at 132p a share, giving it a valuation of £140m, reported a drop in assets under