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Woodford fund gets flexibility from lender Northern Trust amid asset sell-off

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Woodford fund gets flexibility from lender Northern Trust amid asset sell-off

Embattled money manager Woodford Investment Management Ltd.'s listed fund Woodford Patient Capital Trust plc secured "greater flexibility" from its U.S.-based bank Northern Trust Corp. around borrowing from its credit facility amid an asset sell-off, Reuters reported.

Under Northern Trust's investment policy, Woodford Patient Capital Trust is allowed to borrow up to 20% of net asset value at the time of borrowing from its credit facility which is capped at £150 million, the report said.

The agreement is a breath of fresh air for the money manager which has been dealing with a regulatory probe and investor outflows after suspending its flagship fund in June.