Investments  

Managers with the largest stakes in their own funds named

Alan Brierley, who leads the investment trust research team at Investec, said: "Neil Woodford never disclosed his investment in WPCT, but on 29 July the company announced he had sold 1.75m shares at the beginning of July, leaving a holding of 1.25m.

"We do not know when this investment was made but while an investment of 3m shares is not an insignificant number, to put this into some sort of context, it would appear that Neil Woodford received a dividend of £24m from Woodford Investment Management in the financial year ending 31 March 2018, the latest accounts on file.”

Mr Woodford has never received a fee for managing the Patient Capital trust, so none of the £24m dividend came from that source. 

Mr Woodford is being replaced as manager of Patient Capital in the coming months, following an extended period of poor performance. 

Woodford Investment Management declined to comment. 

david.thorpe@ft.com