View source for 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.<br>Sources said Jupiter was pulling nearly £300million out of Woodford's flagship income fund after a 20-year partnership between them.<br>John Chatfeild-Roberts, who runs Jupiter's Merlin funds, was one of his first backers when he set up his own business in 2013.<br>Chatfeild-Roberts' decision to withdraw the majority of that investment is likely to be seen as a major embarrassment for Woodford.<br><br>Neither side would comment on the move.<br>         Losing his edge?<br><br>Sources said Jupiter was pulling nearly £300million out of Neil Woodford's flagship income fund after a 20-year partnership between them<br>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.<br>   RELATED ARTICLES  [# Previous] [# 1] [# Next]     [/money/news/article-4966760/Vanquis-Bank-fined-75k-ICO-sending-spam.html  Vanquis Bank fined £75k after sending 1.5m spam e-mails and...] [/money/markets/article-4967478/Shamed-Icelandic-money-men-plot-1-6bn-comeback.html  Shamed Icelandic money men plot £1.6bn comeback by floating...] [/money/article-4967374/Nisa-merger-gives-op-7-000-stores.html  Co-op set to take over 7,000 Nisa stores after board...] [/money/markets/article-4967390/Costa-coffee-owner-pays-35m-China-business.html  Costa coffee owner Whitbread pays £35m to seize control of...]     Share this article Share   The Provvy was hit by a new blow yesterday in the form of a £75,000 fine for spamming would-be borrowers. <br>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.<br>The company's irate victims had never signed up for this service and the Provvy has apologised for  [https://vacationtravel.pageride.com/top-10-developed-cities-in-india/ vacationtravel.pageride.com] any 'irritation caused'.<br>Shares dropped 7.9 per cent, or 71.5p, to 836.5p yesterday as traders vented their displeasure.<br><br>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.<br><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