Administrator Link Fund Solutions appointed Aberdeen Standard Investments Ltd. as LF Woodford Income Focus Fund's new investment manager.
ASI expects the £267.6 million fund — which will be renamed LF ASI Income Focus Fund after securing regulatory approval — to be reopened by February 2020. It will be managed by equity income fund managers Charles Luke and Thomas Moore, supported by a U.K. equity team led by Andrew Millington.
According to the Dec. 20 statement, Aberdeen, Link and Northern Trust Global Services SE will forgo charging their fees until May 31, 2020.
Link Fund Solutions suspended the Income Focus Fund Oct. 15 after Neil Woodford's resignation caused an expected surge in the level of redemptions requests. The administrator had said at the time that it would consider multiple options for the fund, including appointing an alternative investment manager.
"We will reposition the Fund into a focused portfolio of our favored, liquid UK equity income names aiming to generate sustainable long-term income growth for its investors," Millington said in the statement.
According to a Dec. 20 Reuters report, ASI will take over the fund's management Dec. 31.