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Woodford reportedly to shift new firm to Cayman Islands

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Neil Woodford has turned to the Cayman Islands to relaunch his career after getting the cold shoulder from authorities in Jersey.

The disgraced fund manager has applied to register a firm in the tax haven according to reports as he tries to rebuild his battered reputation.

Woodford sparked an outage three months ago when he announced he was setting up a new fund management firm in partnership with US biotech investor Acacia Research.

Savers who backed the failed Woodford Equity Income, which went into administration into 2019 are still owed around £200mln.

He has now applied for the new WCM Healthcare Partners to be registered in the offshore jurisdiction, according to Citywire.

The Cayman Islands was dubbed ‘one of the world’s most notorious tax havens’ by Oxfam last year.

Woodford was removed as manager of the Equity Fund in October 2019 and shut down his investment business shortly after.

The financier faces a potential class action from savers who lost money in his Equity Income Fund while the fund’s collapse is being investigated by the FCA, which said in February that progress was being held up by delays caused by the Covid-19 pandemic.

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