A Rift Between Fund Manager Neil Woodford And His Long-time Supporter Jupiter Asset Management Has Gripped The Markets

A rift between fund manager Neil Woodford and his long-time supporter Jupiter Asset Management has gripped the markets.
Sources said Jupiter was pulling nearly £300million out of Woodford's flagship income fund after a 20-year partnership between them.
John Chatfeild-Roberts, who runs Jupiter's Merlin funds, was one of his first backers when he set up his own business in 2013.
Chatfeild-Roberts' decision to withdraw the majority of that investment is likely to be seen as a major embarrassment for Woodford.

Neither side would comment on the move.
Losing his edge?

Sources said Jupiter was pulling nearly £300million out of Neil Woodford's flagship income fund after a 20-year partnership between them
Woodford suffered a serious blow this year when doorstep lender Provident Financial - in which he holds a 19 per cent stake - was hammered over a botched IT upgrade which saw debt collectors being sent to the wrong houses at the wrong time.
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Its credit card division Vanquis Bank bombarded consumers with more than 870,000 texts and 60,000 emails to promote its services, according to regulators at the Information Commissioner's Office.
The company's irate victims had never signed up for this service and the Provvy has apologised for vacationtravel.pageride.com any 'irritation caused'.
Shares dropped 7.9 per cent, or 71.5p, to 836.5p yesterday as traders vented their displeasure.

The Provvy is due to issue a trading update on Friday, and markets will be likely to punish the firm further unless some steps have been made towards a turnaround.
<div class="art-ins mol-factbox floatRHS money" data-version="2" id="mol-bfbf36c0-adf2-11e7-a834-eb0ec9ce8e59" website REPORT: Jupiter pulls £300m from Neil Woodford over bad bets