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Woodford administrator cuts valuation on fund's stake in BenevolentAI

Link Fund Solutions, the authorized administrator of Woodford Investment Management Ltd.'s suspended flagship £3.7 billion LF Woodford Equity Income Fund, cut the valuation of Woodford Patient Capital Trust PLC's stake in BenevolentAI Ltd. in the week beginning Sept. 9, Reuters reported.

Woodford Capital Patient Trust said in the same week that Link Fund Solutions would reduce the valuation of its stake in one of the company's holdings, with the adjustment to impact its net asset value by 4 pence per share.

U.K.-based BenevolentAI is a technology company that develops artificial intelligence and machine learning technology to change the way medicines are discovered, developed, tested and brought to the market.

The LF Woodford Equity Income fund was frozen by Woodford in June after a spike in withdrawals. The move prompted outcry from investors unable to access their money.