Woodford Trust and Metro Bank kicked from FTSE 250 list
Neil Woodford’s investment trust and high street lender Metro Bank have been booted out of the FTSE 250 list of the 101st to the 350th largest listed companies in Britain.
Read more: Ally quits Neil Woodford’s trust
Also kicked from the list were retailer Ted Baker and shopping centre owner Intu Holdings, whose market capitalisations fell below 350 other firms in the country.
The ejection of Woodford Patient Capital Trust comes at a troubled time for Neil Woodford, once regarded as a star stockpicker, who froze his flagship fund in June after investors rushed to withdraw their money.
Shares in his trust have fallen over 40 per cent over the last year as investors have sold their stakes due to fears over Woodford’s holding of illiquid assets.
Metro Bank’s shares have fallen over 90 per cent over the last year, meanwhile. The high street lender has suffered since it revealed an accounting error at the start of the year that had classed some of its assets as less risky than they were.
Today, a Metro spokesman said: “We don’t comment on our share price. Our absolute focus remains on delivering for our customers, on our strategy and our growth plans.” Woodford Trust declined to comment.
The other demotions from the FTSE 250 list, the younger sibling of the blue-chip FTSE 100 ranking, were loans guarantor firm Amigo and lending platform Funding Circle.
Read more: Metro Bank finance director steps down to take new role at Revolut
Trainline and Watches of Switzerland were promoted to the FTSE 100, as were Airtel Africa, Finablr, Foresight Solar Fund, and Sirius Real Estate.